On Friday, President Trump added another page to his ongoing “gatekeeper capitalism” story. Once again, China is the target, and once again, Trump is threatening to close the door to the flow of its imports, unless they shape up. He indicated that we don’t have to do business with China. But there is a bit more to the story.

Perhaps thinking of himself as capable of opening and closing America’s gates when it suits him, Trump may have overstated things a bit. In fact, we must continue to do some business with China. Holding $1.1 trillion in U.S. debt, China is now our largest creditor. Like it or not, we will have to keep servicing the debt unless Trump intends to default.