America should impose an across-the-board tariff on Chinese goods sufficient to offset not only the effects of currency manipulation, but also all the other tricks Beijing has pulled in the past and will continue trying to pull in the future.
The world economy cannot afford to wait another three years for China to revalue, nor can we depend on China's central bank to act responsibly. Congress must set a firm target and deadline for China to achieve a 40% revaluation of its currency.
We as a nation are tolerating very selfish behaviors that hurt our workers, trade balance and the national security of our country, mostly because leaders in Washington are too deferential to big finance and multinational corporations.
Individual companies can do little about threats like China's "currency manipulation." But individual CEOs can lead by seriously making a commitment to regard layoffs as the last strategy before bankruptcy.