In other words, America does not suffer from a small number of bilateral trade deficits that can be tied to charges of currency manipulation by countries like China, Japan, Malaysia, or Singapore. Rather, the US suffers from a multilateral trade imbalance with many countries, and this cannot be remedied through the imposition of bilateral penalties such as tariffs.
货币操纵论的命门就在这里。2014年，美国对95个国家存在贸易赤字。换句话说，美国所存在的不是可以归结为中国、日本、马来西亚和新加坡等国家贸易操纵的小额双边贸易赤字。相反，美国存在的是对大量国家的多边贸易失衡，而这无法通过关税等双边惩罚措施解决。