President Obama has warned of dangers of undervalued Chinese currency . `` One has to hope a lot of it is bluff because the consequences of a significant trade war between China and the United States would be very dramatic , '' Zakaria said . House passed bill to allow tariffs against nations that undervalue currency . Fareed Zakaria said U.S. and China both benefit from cheap Chinese currency . Obama gave rare interview with China 's prime minister , Wen Jiabao , on Sunday , 10 a.m . ET .
President Obama has warned of dangers of undervalued Chinese currency . House passed bill to allow tariffs against nations that undervalue currency . Fareed Zakaria said U.S. and China both benefit from cheap Chinese currency . Obama gave rare interview with China 's prime minister , Wen Jiabao , on Sunday , 10 a.m . ET .