Insiders: The United States is not seeking a devaluation of the dollar in tariff negotiations.

On May 15, according to people familiar with the matter, U.S. officials who are negotiating trade agreements around the world have not tried to incorporate exchange rate policy commitments into the terms of the agreement. The foreign exchange market is volatile on fears that the Trump administration is intent on pushing the dollar down or using trade negotiations to achieve that goal. The South Korean won surged nearly 2% against the dollar on Wednesday, while the yen also strengthened, while the new Taiwan dollar rose to a multi-decade high earlier this month. U.S. Treasury Secretary Bessant is the only member of Trump's economic team in charge of exchange rate matters and has not authorized other officials to negotiate exchange rate policy with trading partners, the person said, and such negotiations will only take place when he is personally involved.