The U.S. Treasury Department has declined to declare any countries as being currency manipulators in its latest review. That comes despite having determined that Vietnam and Switzerland meet the criteria and will instead carry out “enhanced engagement”. There’s a geopolitical calculus at work as well as a simple assessment of the impact of expanding trade deficits. Indeed, the total U.S. trade deficit increased by 22.0% year over year in January and February combined including that with Switzerland which climbed 42.0%. Mexico is also caught by some of the metrics, illustrating the challe...