If you instinctively respond "no", consider that the World Trade Organization allows countries to respond to their trade partners' export subsidies by erecting retaliatory trade barriers (called "countervailing duties"). Intervening in currency markets to prevent your currency from appreciating is no different, from an economic perspective, from subsidizing your exports. So if you are expected to (and can) respond through tariffs when others subsidize their exports, why should it matter what form the subsidy takes?
And if you instinctively respond "yes", consider that the vast majority of the countries in the world today manage their currencies, rather than let them float freely. What a mess we would have on our hands if countries made a habit of responding to currency "manipulation" by imposing retaliatory tariffs.
Yes I know, China is not just another country. And yes, the economic case for countervailing duties is extremely weak. (The standard economist's line is that you should respond to other countries' export subsidies by sending them a thank-you note, not by shooting yourself in the foot in return.) But presumably there is some (second-best or political) reason why WTO rules sanction countervailing against subsidies. These reasons must operate, if anything, more strongly when such a huge economy like China is involved.
On the Chinese side, what is involved is perhaps some degree of mercantilism--which is not excusable--but also the use of an undervalued currency as a growth strategy--which is far easier to justify and excuse. When you have hundreds of millions of people in low-productivity rural activities, a cheap currency can be a very effective, if still second-best, way of supporting employment creation in your higher-productivity tradable industries.
And there lies the rub. In an ideal world, the distributional or job-loss concerns in the U.S. would be addressed by policies that target these objectives directly (redistributive taxation and improved adjustment assistance). Also in an ideal world, China would address its productive transformation challenge directly through targeted employment and other reforms rather than currency policies. But in the real world, countries find themselves resorting to second-best policies and we must not be surprised if these create conflicts.
All of which is to say that anyone who has a quick, knee-jerk response to the question posed by this post's title has not thought long and hard about the issues.