China's hold on the US is more imagined than real. Most of their Treasuries are shorter-dated issues which means that any decline in price brings in large buyers as Treasury bills pay virtually nothing at the moment. As the Euro declines due to Greece and other EU failures, funds flow into US Treasuries for safety. Additionally, the US would love to place tariffs or restrictions on Chinese goods sold into the US to create the opportunity for the US to re-build and to re-employ its manufacturing industries. Protectionism is still alive and well, it is good domestic politics.
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