There is no direct link between the executive/legislative and the Fed.
The Fed does what's roughly best for American economy, which disproportionately favours those with assets, banks etc. - but they are fairly independent in normal times.
In times of crises, you could start to point to some things like all those homes right now sitting on the Fed balance sheet, surely. But regular operations are not politically controlled.
But in China, the currency is literally worth whatever the government wants it to be at any time. They can literally press a button and 'poof'.
Because of the amazing control and power of the Chinese government, the RMB might be the most tightly politically controlled currency in all of history: at least all of the fiat money that failed in the past ... leaders had to water it down or print money behind the scenes over time.
Not to say that's entirely bad - one could make the claim that 'it's better for China' to have this, there'd be some good points there. But in terms of 'free trade' it's not good.
In any event, the US does not have open trade with China really, so there's constant trade tensions, there probably always will be.
I don't thin anything I'm saying is controversial or new, it just might be new data for the folks here on HN who I find are generally more tech than finance oriented.