The laws of Trumponomics, after all, are more about resentment and victimhood than stirring animal spirits. And no woe-is-America narrative is more pervasive in the Trump era than China “raping” the US workforce and “stealing” growth from Washington. An undervalued yuan is a pillar of this theory. It’s “killing us,” as Trump likes to say. Expect Trump’s ire to increase as the yuan weakens past 7 to the dollar – from today’s 6.96 – thanks to PBOC largess. That might provoke him to ratchet up the trade war.