Recently the leaders of China and of the United States exchanged calls and the political relations between the two countries are becoming more positive and optimistic. Yet, there is no doubt that the competitions in exchange rate and trade issues of China and the United states have just begun. Anbound research team believes that it is rather improbable for the two countries to wage exchange rate and trade war. However, the United States will levy countervailing duties and other punitive tariffs on certain Chinese goods. As a counter strategy, China should join other countries in the framework of WTO to protect its own legal right, as well as taking the initiative to reduce export limitation in certain goods and reducing subsidies for export enterprises, as well as taking more initiative to recommend and the United States to restart BIT negotiations, and further opening-up each other's market, which would force domestic market reform and economic restructuring.