Trump, in a Wall Street Journal interview, said China had not manipulated the yuan for months, while accusing nations that he didn't identify of devaluing their currencies and saying the USA dollar is getting too strong. On the list of special monitoring of currency practices, countries like China, Japan, South Korea & Taiwan are on top.
It has placed China, Germany, Japan, Korea, Switzerland and Taiwan in the monitoring list in its six-monthly report to the Congress.
One of Donald Trump's most prominent trade advisers has rounded on the president for his U-turn on branding China a currency manipulator.
"Treasury will be scrutinizing China's trade and currency practices very closely, especially in light of the extremely sizable bilateral trade surplus that China has with the United States", it added.
Although the USA trade deficit topped $500 billion in 2016, none of the United States' major trading partners engaged in any currency manipulation in the second half of the year, a new report from the Department of the Treasury said.
But in his interview with The Wall Street Journal, Trump said he had decided that China hadn't recently been manipulating its currency after all.
During the campaign, Trump had repeatedly called China a manipulator, saying, "They're killing us" by devaluing their currency to make it harder for American companies to compete against Chinese products. He had promised to label the country a currency manipulator on "Day One" of his presidency.
The department, however, said that both China and Germany should do more to reduce their large trade surpluses with the US.
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Many economists have argued that the Chinese currency, RMB, has been at equilibrium level in recent years.
The Treasury said Germany has a "responsibility" to help balance global demand and trade flows.
Beijing has not intervened in markets to weaken the value of its currency - the third criteria - and in fact has tried to keep the renminbi from falling further amid the country's relatively sluggish growth rate.
Peter Navarro, the head of Trump's new National Trade Council, in January accused Germany of using a "grossly undervalued" euro to hurt the US economy.
Before the summit, Trump tweeted that the meeting would be a "very hard one" due to China's large trade deficit and the American jobs it had cost.
The report also criticized Japan for failing to do more to stimulate domestic demand and thereby increase sales of US and other foreign goods.
"Using that label right now would have ratcheted up the tensions, would have accomplished little in terms of advancing USA economic and business interests, and could have hurt the bilateral relationship at a time when the relationship is even more important, not just for economics but for geopolitical issues", Prasad said.
This would include more "flexible" government spending policies, and continued reforms to boost the labor market and increase productivity of the Japanese economy.