We have a $900 billion a year trade deficit--about half of that is with China. The only way to pay them even the interest of the $2 trillion we actually already owe them, we have to ship them coal and oil right now....which we are.
This is also where Venezuela is coming into play....if they can get their oil from there they don't need ours, which means that a currency war based on gold reserves could crash the dollar ( petrodollar) .Saudi Arabia is also in play - unhappy with being scolded about 'human rights ' no-no's.