The US has something resembling a "free trade agreement" with only ONE country on this entire planet - that's Canada. US trade policy has been dysfunctionally unsustainable for decades, it's time to put aside the myth of "free trade" and do something rational. Starting with 200% duties on anything and everything from China -- no asking, no discussions -- until China chooses to own a real currency. If this requires invalidating Chinese-held CUSIPs, so be it.
Jobs , of course. The problem is that work isn't natural neither appealing state for human being. That said, human being should be forced to work. Because if they are not forced, they won't work. The way to force can be natural (hunger , pain) or artificial ( jealousy , moral, education). The point is that there is no need to force people to NOT work - they won't work if it's possible. So, you assume americans export their jobs to China etc because it's cheaper there? BS, the only reason that it's possible to americans to not work now and still do fine. They found good guys over the sea who will supply goods in exchange to green paper. Why Chinese need that paper? Nobody knows, may be it's just good material to put inside solar panels for their effectiveness. So don't worry about jobs for all unemployed - once unemployment benefits dries alone with pensions funds and gov/municipality entitlements, the unemployment really falls down like a shot bird - everybody suddenly will agree and want to work - and that will happen once China changes mind about $$ . If it won't happen and they continue to accept $$ ,than no need to work, just print and send over the sea, show goes on, you will still get your iphones, 3d TVs , underwear, toys and car spare parts.