The U.S. Treasury Department has declared Vietnam and Switzerland to be currency manipulators as part of a long-delayed review. Importantly, China is not designated as a manipulator, reducing the risk that President Trump cancels the phase 1 trade deal. In the case of Switzerland, most of the increase in the U.S. trade deficit, which reached $56.8 billion in the 12 months to Oct. 31, has been down to a $26.9 billion increase in the precious metals and gems deficit. A period of consultation required under U.S. law will likely leave President-elect Biden to decide what to do vis-a-vis Swit...