The US is pushing to start introducing duties on Chinese goods to make a “level playing field” given the currency “misalignment.
Hold up a second. China maintains a “low” exchange rate by “saving” too much – and using that savings to do things like by US currency and bonds right. Any subsidy on Chinese exports is “implicit”.
If this is indeed the case, introducing duties is not the way to go about things – and by ignoring the central issue it will at best lead to an uncomfortable situation and poorer US consumers, and at worst will lead to a full scale trade war and a severe economic crisis.
If you think that having China save excessively creates risks to your own economy (as that sort of subsidy actually sounds pretty welfare enhancing in a direct sense – so we need to think about risks), then deal with it directly – eg by taxing capital flows from that specific country. Don’t start rubbish protectionism.