Their economy would collapse and we would re-source our supply from Mexico or India and wind up paying 5-10% more for those goods for the first year or two.
Economic Warfare anyone?
The Chinese government realizes that starving masses are hard to control. They're not going to economic war with anyone.
Setting the Yuan against the dollar?
If the Chinese floated the yuan against the dollar the value of the yuan would rise, making labor in China more expensive and it would cause an outsourcing of jobs away from China to countries that have a US dollar peg.
Forget it, go watch corporate sponsored news. They'll inform you...
Shockingly, you are even less informed than the average talking head.
If he's not a union guy, then he must be in college. Where else could he learn such nonsense!