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The Commerce Department's would allow its officials to declare a country a manipulator even if the Treasury had not.
美國商務部將允許其官員宣布一個國家為匯率操縱國，即便財政部沒有這樣做。
Companies seeking an unfair edge over foreign competitors would no doubt lobby hard.
尋求對外國競爭對手不公平優勢的公司無疑會大力游說。
The measures suggested by Mr Bergsten and Mr Gagnon would grant Mr Trump huge financial firepower—
伯格斯登和加農提出的建議將賦予特朗普巨大的財力—
dangerous, given his penchant for using whatever weapon is to hand to fight his trade wars.
鑒于他喜歡用手中的任何武器來打他的貿易戰，這樣很危險。
They think the Treasury should be allowed to use the ESF to neutralise currency intervention by other countries with equal and opposite purchases,
他們認為財政部應該被允許利用ESF，通過同等和反向購買來抵消其他國家的貨幣干預
thus deterring the intervention in the first place. But to be credible it would need hundreds of billions of dollars at its disposal.
從而從一開始便阻止干預。但要做到令人信服，它將需要數千億美元可自行支配的資金。
Its current portfolio is around $95bn, of which $23bn is in dollars.
其目前的投資組合約為950億美元，其中230億美元為美元資產。
Moreover, unilateral action might lead other central banks to retaliate.
此外，單邊行動可能會招致其他中央銀行的報復。
Mark Sobel, a former Treasury official who managed the ESF, worries that a currency conflict might even push the dollar up,
管理ESF的前財政部官員Mark Sobel擔心，如果投資者匆忙轉向以美元標價的資產尋求安全，
if investors scurried for safety into dollar-denominated assets.
那么貨幣沖突甚至可能將推高美元。
Stephen Englander of Standard Chartered, a bank,
渣打銀行的史蒂文·英格蘭德
warns American policymakers to "think about how you're going to feel the morning after".
警告美國政策制定者要“想想你第二天早上會有什么感覺”。
Intervention means buying unpopular currencies.
干預意味著購買不受歡迎的貨幣。
Mr Bergsten and Mr Gagnon argue that their scheme could make the Treasury money as undervalued currencies rise.
伯格斯登和加農辯稱，隨著估值偏低的貨幣升值，他們的計劃能夠為財務部掙錢。
But negative yields on European and Japanese debt make losses at least as plausible.
但歐洲和日本債務的負收益至少讓損失看起來是合理的。
One more reason for caution is the potential for further harming an already-fragile multilateral system.
謹慎的另一個原因是，這有可能會進一步損害本已脆弱的多邊體系。
Previous American administrations considered tariffs on imports from countries manipulating their currencies,
前幾屆美國政府考慮過要對操縱貨幣的國家的進口征收關稅，
arguing that an artificially weak exchange rate amounted to an export subsidy.
并稱人為壓低匯率相當于出口補貼。
But they held back, understanding that such action would break the World Trade Organisation's rules.
但他們退縮了，因為他們明白，這樣的行為將違反世界貿易組織的規則。
A reversal would invite legal challenge, and perhaps retaliatory tariffs. The bellicose Mr Trump, however, would be unlikely to mind.
這種逆轉將招致法律上的挑戰，或許還會招致報復性關稅。但好斗的特朗普可能并不在意。
譯文由可可原創，僅供學習交流使用，未經許可請勿轉載。
