It's a pretty reliable applause line on the campaign trail: As President I will stand up to China. The US actually has brought an unfair trade case against China before the World Trade Organization, but a bill that would get tough on Chinese currency manipulation languishes in Congress with neither candidate's prodding his party to push it along. Can one country really bully around a trade partner that it owes $1.2 trillion? How unfair is the game that China's playing? We discuss the economics of trade, the reality of the Chinese economy and the realistic options for any American president.