Yes because by buying and holding our debt they both keep our dollar strong and allow us to keep over spending. Without them (buying our debt) we are screwed.
https://www.fiscal.treasury.gov/fsreports/rpt/treasBulletin/...
The vast majority is held by US institutions.
I'd be careful undervaluing the influence that a single debt holder of that size could have. Plus you are further assuming that that's the totality of their influence and it's likely 2-3* that if you include influence.
I'd definitely be wary if I was going to war (trade is the new war) with another nation.
> "National Debt" of $21 trillion
> Leading foreign holders
> China $1,181.9 billion