The US can do one big thing to weaken the dollar and put pressure on China

The US dollar has been surprisingly resilient in recent months. It's risen against 15 of 16 major currencies so far in 2024, and posted year-to-date gains of more than 5% against the Japanese yen and Swiss franc. It's currently at levels decisively above peaks seen in 2015, 2016, and 2020. But while …