In addition to tariffs, Trump has also set his sights on currency manipulation.

On the first day of Trump's tenure, the global markets experienced severe volatility, with traders focusing on a warning about currency manipulation that could trigger even greater fluctuations. An unpublished briefing from the new U.S. government calls for major federal agencies to address currency manipulation by other countries, prompting strategists to speculate on who might be targeted. Japan, Germany, and Singapore are already on the U.S. Treasury Department's "monitoring list" for currency practices. Richard Franulovich, the head of foreign exchange strategy at The Pacific Bank, stated: "This is a groundbreaking news item for currencies. Trump and Treasury Secretary nominee Scott Bessent may exercise more discretion and decision-making power, meaning more trading partners could be labeled as currency manipulators." Prior to Trump's move, the high interest rates and strong economic growth in the U.S. had kept the dollar at high levels against all currencies from the euro to the yen, solidifying its dominance in the $7.5 trillion per day forex market. The prospect of further appreciation of the dollar could make other countries wary and potentially trigger a new round of interventions to support their own currencies. Wei Liang Chang, a strategist at DBS Bank, stated: "If there is a perception that these countries might allow their currencies to depreciate in the face of future U.S. tariffs, this could once again raise concerns about currency manipulation." The situation memo from Washington has triggered memories of Trump and his economic advisors' earlier plans to actively deter countries from abandoning the use of the U.S. dollar. Reports in April this year suggested that these measures included export controls, accusations of currency manipulation, and tariffs. Christopher Wong, a strategist at OCBC Bank, said: "The situation memo mentioned by Trump may seem new, but could be similar to existing situation memos, possibly emphasizing 'manipulators' more strongly. If more countries are added to the list, there could be some volatility."