No, its a subsidy to China. I see what you're getting at, that US consumers are getting goods and services cheaper than they would otherwise, so why are they complaining. But if the Yuan is undervalued, and the Real and Rupee aren't, then sales will go to China, and not Brazil and India. This empowers China at the expense of more democratic states, and thats not a good thing.
Sure. But them going to Sudamerica is preferable to them going to China. More than that, I'm not so sure about. I'll have to give some thought as to how many jobs would return to the US. China buys capital goods (which we sell), but so does Germany and Israel, and a stronger Yuan wouldn't necessarily mean they'd buy from us.
Because America does not have a series of fiscally profligate states?