Except in the administration, opinion in Washington is hardening on China’s currency. Earlier this month, as the Treasury declined to name China a “currency manipulator” in its twice-yearly report on the matter to Congress, a new China-bashing law was put before the Senate. This measure, introduced by Democrats Max Baucus and Charles Schumer and Republicans Charles Grassley and Lindsey Graham, proposes to treat China’s currency undervaluation as an illicit subsidy and seek redress through anti-dumping duties and other sanctions.

The bill has wide support on Capitol Hill – enough, the sponsors hope, to overcome a presidential veto. More surprising, perhaps, are the many calls for confrontation from disinterested economic experts.