Obama taking multilateral approach on China

Levin surmised that China could have undervalued its currency anywhere between 15 percent to 40 percent. Doing so allows China to offer extremely inexpensive exports and gain an upper hand on the international market. 

The G20 is expected to work through the summer in addressing China's currency issue. If it fails to correct the matter, Levin said Congress would act to fix the problem.

"If it [the G20] doesn't work, the U.S. will act," he said. "I have no doubt about it."