Report: China better; still must cut trade surplus with US

China has improved its position by reducing its trade surplus relative to its economy but it remains one of a handful of countries that need to trim their large trade imbalances with the U.S., the Obama administration says.

The assessment came in a report sent to Congress on Friday. The twice-yearly report, submitted by law by the Treasury Department, doesn't designate China or any other nation as a currency manipulator. But it singles out the six countries, all major U.S. trading partners — China, Germany, Japan, Korea, Switzerland and Taiwan — for special monitoring and U.S. pressure on their governments to change practices.

In the new report, Treasury added Switzerland to the list, saying its trade with the U.S. is now large enough to make it a major trading partner.