China gets bigger, bolder as US issues warnings on trade

It sounds like history repeating itself: The US faces a huge trade deficit with an Asian country, which is also under intense scrutiny for its interest in buying US assets and having a currency many deem undervalued.

Today, that best describes how China is viewed. Two decades ago, Japan came under US criticism for its growing global presence, and that spurred all sorts of protectionist talk out of Washington.