WASHINGTON – The Obama administration says Germany, China, Japan and South Korea are four countries running large trade surpluses that need to do more to combat weak global growth.
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In its latest currency report, the administration refrained from naming any country as a currency manipulator. But it did say that China's currency remains "significantly undervalued" and complained about South Korea's efforts to keep its currency from strengthening.
The semiannual report says the world cannot rely on the United States to be the "only engine of demand." The report urges nations to use all tools available to accelerate growth and not rely solely on their central banks to boost growth.
The administration positions are expected to form the basis for discussions at global finance talks next week in Washington.