The latest blame China bill, unveiled last week in the Senate, is not as bad as earlier proposals. Gone are the ham-fisted tariffs that lawmakers once threatened to impose if China did not raise the value of its currency, the yuan. In their place is a more gradual process for inflicting economic and political pain unless Beijing moves faster to lift the yuan.

But the new approach, while tamer, is still a dangerous game.

The senators behind the bill  Democrats Max Baucus and Charles Schumer and Republicans Charles Grassley and Lindsey Graham  bristle at being labeled protectionists, in part because they generally agree that free trade is superior to trade constraints. But they also clearly believe in threatening protectionism to get their way.

Threats can backfire. They also obscure workable solutions to today’s global imbalances.

Even if China were to give in, there is no guarantee that a stronger yuan would be a big plus for the United States’ economy. Theoretically, it would make American exports more competitive. But it could also ignite inflation in the United States, as consumer prices on imported goods rise. With interest rates up sharply in the past month, inflation is the last thing lawmakers should be toying with now.

There’s also no telling how China would react to mounting protectionism. Weak Asian demand at a recent auction of Treasury debt is one of the reasons behind the latest increase in American interest rates. Rates could rise even more if China retaliated against pressure from the United States by further curtailing its demand for dollar-based assets.