For years, Beijing has undervalued its currency, the yuan USDCNH, +0.03%  , to lower the price of its exports. It dumps steel and other goods on the world market at below the cost of production in order to put U.S. manufacturers out of business. It funnels billions and billions of dollars in shadowy subsidies and “loans” to its many state-owned enterprises. And, it repeatedly hacks U.S. companies to steal their intellectual property.