A rapid drop in the Dollar versus the Yuan would result in almost immediate, and major import substitution by US producers. Until inflation is tamped out, it will continue to drop the cost of US manufactures compared to foreign manufacturers. It would be a deathblow to European industries, which would need to respond with even more protectionism. Airbus is already on the ropes - a 20% drop in the dollar would see almost every plane order in the world for the next five years going to Boeing. Multiply this across every industry where the EU is barely competitive with the rest of the world and you can see that a disaster is brewing, not for the US, but for Europe. China would lose its target market for exports and its domestic consumption won't be able to make up for the difference.
Inflation cannot be "tamped" out. It is not responsive to any changes in trade policy or or anything else other than ceasing to create more money than the market requires to maintain stable price levels. Reagan ended the Carter inflation by ending the FED's enthusiastic creation of dollars. It still took several years for the effects to manifest in a cessation of the general price rise and there was then a recession. But when that corrected itself we had Good Times until 2000 and, arguably are still benefiting from it though that will only last until those dollars in Chinese and Indian and European, etc, banks come back on the market. That will happen, not by nefarious design, but by the normal workings of the market in an economy(Chinese) that, because of artificial relationships and controls, stops expanding.