any warning, the next tactic 1s

any warning, the next tactic 1s competitive devaluation, which risks a new protectionism. "Currency manipulation" could become a danger that reaches far beyond the debate about Chinese policies. The world economy will need at some point to withdraw the drug of cheap money and negative real interest rates. The U.S. should anticipate these dangers. The International Monetary Fund also could help set standards about exchange- rate policies and serve as a referee that blows a whistle, even if it cannot penalize. The IMF and the World Trade Organization should anticipate this risk and give effect to the existing WTO agreement that economies must "avoid manipulating exchange rates . . . to gain an unfair competitive advantage." Third, the U.S. needs to break the logjam on opening markets. As the leading world economy, America should initially try to strengthen and increase international trade through the WTO. As my colleagues at the Peterson Institute have pointed out, there are gains from the stymied Doha Round of trade negotiations that should be harvested now: ending agricultural export subsidies; limiting food export controls; eliminating tariffs and quotas for almost all exports of the poorest countries; facilitating customs and clearance HOUSE_OVERSIGHT_029825