CNBC's Jim Cramer wants to make something very clear: the United States isn't hostage to China just because it owns a lot of U.S. Treasurys.
"If the Chinese decided to dump their treasury holdings, that will move our long-term rates back up where they should be," he said. "The banks will become a heck of a lot more profitable. And commentators will stop droning on and on about the lack of inflection in the yield curve as a sign that the future's bleaker than we thought."
In short, China selling its $1.18 trillion U.S. Treasury holdings could actually have major benefits for the U.S. market, Cramer said.
"There are plenty of things I am really worried about when it comes to our escalating trade war with the PRC ... but this ain't one of them," he said. "If China wants to sell their $1.2 trillion worth of U.S. Treasurys to somehow punish us, I say go ahead, make my day."