Anti-Mercantilism...

...exchange rate manipulation via proxy. A wonderful example of how important it is to have a healthy contempt for established rules.

March 7 (Bloomberg) -- The U.S. Congress passed bipartisan
legislation allowing duties by the Commerce Department to offset
government subsidies in nations such as China, sending the
measure to President Barack Obama for his signature.

Chinese Commerce Minister Chen Deming said the move was not
in line with U.S. laws or World Trade Organization rules and
accused the U.S. of “pointing fingers.” He acknowledged that
some lower-level subsidies may be “problematic.”

The bill responds to a Dec. 19 decision by a U.S. appeals
court in Washington that said existing law doesn’t authorize the
agency to set tariffs on goods from countries lacking a domestic
market to establish prices. The House yesterday passed the
legislation 370-39 after the Senate backed it March 5. U.S.
Trade Representative Ron Kirk said last week that the
administration helped to craft the measure.

And then of course there is this preposterous statement by the Chinese as a rejoinder:

China’s central government has “no prohibited subsidies
provided to economic entities,” Chen said today in Beijing at a
press briefing during the annual meeting of the National
People’s Congress, according to a live English translation
broadcast on China Central Television. He said China is a big
country and there might be “problematic” subsidies at regional
levels.