Yes. Devaluation causes the price of everything imported to rise. Instead of buying cheap crap from China to fill our Wal-Marts, we will have to start producing it ourselves once again. This part is good, because it puts us back to work. The tough part is the price increases for things we cannot produce ourselves, like oil. we will have to get serious about energy independence, like a Japan-style program to build nuclear plants everywhere.
I guess we never learn. Remember way back when Japan would purposely take a loss on products competing against something we would make and then when they put the American Manufacturer out of business they would raise the price... then we got smart and started beating them at their own games. France subsidized the Airbus trying to put Boein gout of business -- I won't fly in an Airbus on principle and it ticks me off that any American Airline would buy one! China ignores our intellectual property and copies GM cars, Boeing airplanes, Cape Canaveral, etc., and we can thank Clinton for lifting rules against selling them our technological information that applied to National Security!
Yes, and that will bring us to a showdown with the envirnomentalists. It's a conflict that has to happen, because our choices are stark: energy and economic independence, or eventual decline and invasion, as in "fall of Rome" style.