[Marine_Uncle]

"Okay, so can't MFN status be revoked?"
YES. All it takes is for the POTUS to say sorry charlie.
Please consider the following site to explain the details:

http://www.wcit.org/resources/publications/issue_briefs/ib_china_mfn_status.htm

Bush could revoke China's MFN status. But why would he?
It would take a very powerful will on his part to say to American busines sorry folks, I have to screw you for the good of the whole country. It may turn out, and I have not followed this issue since day one, that Clinton had the blessings of most demos and republicans on this deal when he signed them up for favors. So I piss and moan how stupid many Americans are, then have to admit I have no background on this issue, as to the hows and why it came to past.

[Former Proud Canadian]

I'm a little more sanguine than you are about this. China needs to revalue their currency. They should also stop threatening their neighbors. I have no doubt that Bush, or any other republican would use MFN status as a lever to get them to behave.

[Paul Ross]

Actually, that was obsoleted by Xlinton in his last year with the PNTR... Permanent Normalization of Trade Relations was passed by the U.S. Senate and signed by Beelzebubba in 2000. The PNTR ended the annual review process...pre-emptively taking the 'carrot and stick' away from the new administration...

Now it would take extraordinary provocation by China for the President to take any emergency action, action he would still require the Congress to approve, and order a recission of the PNTR...and trigger the Smoot-Hawley tariff regime...which (while sadly neglected) is still on the books.