欠债不还还想嚣张？中国撤走核心筹码，给美国沉重一击

Core Viewpoint - The article discusses China's strategic reduction of U.S. Treasury holdings as a response to U.S. tariffs and geopolitical pressures, indicating a shift in the global financial landscape and potential challenges for the U.S. economy [7][11][40]. Group 1: U.S. Debt and China's Actions - China has reduced its holdings of U.S. Treasury bonds, with the amount falling below $800 billion, marking a significant decline over the past three years [7][9]. - This reduction is seen as a calculated financial strategy, aimed at both risk mitigation and as a countermeasure against U.S. policies [9][11]. - The U.S. national debt has surpassed $36 trillion, with interest payments projected to reach $882 billion in 2024, exceeding defense spending [13][15]. Group 2: Implications for U.S. Economy - The reduction in U.S. Treasury holdings by China and other countries signals a potential end to the era where the U.S. could easily finance its debt through foreign investments [36][40]. - The recent decline in demand for U.S. bonds, evidenced by the lowest bid-to-cover ratio in 20 years, indicates a shift in investor confidence [34][36]. - The article suggests that the U.S. may face increased borrowing costs and financial instability as a result of these changes in the bond market [11][40]. Group 3: Geopolitical Context - The article highlights the strategic importance of rare earth resources controlled by China, which are critical for U.S. military and technological industries [19][27]. - The ongoing trade tensions and tariffs have not only affected economic relations but have also led to a reevaluation of U.S. dependency on Chinese resources [25][29]. - Trump's recent overtures towards China may reflect a recognition of the precarious position the U.S. finds itself in regarding both debt and resource dependency [23][29]. Group 4: Global Financial Trends - There is a growing trend of "de-dollarization," with countries increasingly seeking alternatives to the U.S. dollar for international transactions [38][40]. - Central banks around the world are accumulating gold at unprecedented rates, indicating a shift in trust from fiat currencies to tangible assets [38][40]. - The article posits that if major creditor nations continue to reduce their U.S. bond holdings, it could lead to a financial crisis for the U.S. [40].