I’ve been thinking about this one over the last couple of days. My conclusion (no surprise here) is that Congress contains a bunch of self-promoting jackasses.
I’m no expert on China, but I’m smart enough to know that the more we publicly pressure them to devalue the yuan, the less likely they are to actually do it. If Congress really wanted to accomplish something rather than pat themselves for toughness on their proverbial backs, they’d quietly use shuttle diplomacy to accomplish their ends.
The last thing the Chinese government wants is to look like it caved to U.S. pressure. Their interests and ours our already aligned-they have an inflation problem, we have a trade deficit. I wish our leaders would shut up and focus on really accomplishing something rather than grandstanding for votes while underminining the very thing they profess to want.