This bill is aimed squarely at China who has artificially kept the Chinese Yuan weak for the past decade. China has responded with some strong words with the Ministry of Foreign Affairs slamming the bill as protectionist which severely violates the WTO rules. If passed, this would undoubtedly launch a trade war that would hurt both the U.S. and China. Theoretically duties on Chinese imports would be positive for the U.S. economy because it keeps demand domestic but in reality, China would retaliate in a number of ways that could include dumping their massive holdings of U.S. Treasuries which could send the dollar sharply lower and bond yields spiraling higher.