Trump and Navarro want a Trade War. They will reject all concessions from out trading partners even a reduction to Zero on auot imports by the EU and a huge reduction from China from 25% to 10%, possibly even Zero. The Trade War will be a looming threat for the next 2 years or 6 years depending on the 2020 Election outcome, because that is the way the Administration wants it. Koch could however swing the 2018 mid-term toward a Blue Wave, but that will change little since the Executive branch has de facto control over all trade outcomes.
Foreign governments have pared back their holdings of U.S. debt, reducing the total by nearly $10 billion in March and April.
Russia was notable among the group stepping back with a nearly 50 percent cut.
The U.S. government needs buyers of its debt as the Fed continues to reduce its holdings and the budget deficit is projected to surge in coming years.