Whew. Glad we didn't make that mistake!
You don’t understand what’s what. The debt in Chinese hands is paper, or rather electronic blips on an American ledger.
China is the one with the risk. All America has to do is quit paying interest on the debt. China can’t weaponize the debt. And by the way, They have been reducing what they have.
At present in China, American bonds are more valuable than any Chinese securities placed by the failing banks there.
An import tariff would be a good start.