Economic theory posited that a developed country like the United States would adjust to import competition by moving workers into more advanced industries that competed successfully in global markets. In the real world of American workers exposed to the rush of imports after China erupted onto world markets, the adjustment didn’t happen.
經濟理論認為一個像美國這樣的發達國家會通過將更多的工人轉移進入高端產業這樣的方式老提升進口能力，從而增強在國際市場上的競爭力。而事實上美國的工人在中國強勢進入國際市場后備受打擊，預期的轉變并沒有發生。
If mediocre job prospects and low wages didn’t stop American families from consuming, it was because the American financial system was flush with Chinese cash and willing to lend, financing their homes and refinancing them to buy the furniture. But that equilibrium didn’t end well either, did it?
如果中等的工作前景和低工資不能阻擋美國家庭的消費，那是因為美國的金融系統充斥著中國的現金和貸款，美國家庭翻新他們的房子并購置新的家具。但是這種平衡最終并沒有好結果，對么？
What it left was a lot of betrayed anger floating around among many Americans on the wrong end of these dynamics. “By not following the law, the administration sent a political signal that the U.S. wouldn’t stand up to Chinese cheating,” said Edward Alden, a senior fellow at the Council on Foreign Relations. “As we can see now, that hurt in terms of maintaining political support for open trade.”
留下的只有背叛后的憤怒，許多美國人有動力認為這是一次錯誤的裁決因為更加的憤怒。美國外交部高級官員愛德華·艾爾登說，“行政部門沒有遵守這個法律，他們釋放了美國不敢在這個問題上挑戰中國的信號。我們目前可以看到這種憤怒在傷害兩國開放貿易的政治支持力量。”
If there was a winner from this dynamic, it was Mr. Trump.
如果說支持中國作為匯率操縱國的認知有什么受益人的話，川普總統肯定是受益人。
Will Mr. Trump really go after China? In addition to an expected executive order to retaliate against the dumping of Chinese steel, he has promised more. He could tinker with the definitions of “material” and “significant” trade surpluses to justify a manipulation charge.
川普總統會追隨中國嗎？對于中國的鋼鐵傾銷，川普總統額外增加了行政命令征收報復性關稅，而且他還承諾了更多的報復措施。他可以修改關于實物以及重要貿易順差的定義從而決定操縱匯率的罰款。
And yet a charge of manipulation would add irony upon irony. “It would be incredibly ironic not to have named China a manipulator when it was manipulating, and name it when it is not,” Mr. Setser told me. And Mr. Trump would be retaliating against the economic dynamic that handed him the presidency.
對于匯率操縱的罰款是一件更加諷刺的事情。西斯特先生說，“當中國是匯率操縱國是我們不認定他是操縱國，當中國沒有操縱匯率是我們卻認定他是匯率操縱國。”川普總統自從執掌總統權力以來采取征收報復性關稅的措施來提振美國經濟發展動力。
