This piece by Sebastian Mallaby is fundamentally flawed. It doesn’t matter if the Chinese government sold US bonds. They are US-dollar-denominated, and the Fed can of course print US dollars. This makes the US different from everyone else who issues debt in a foreign currency.
The dire consequences of Egypt’s Suez canal debacle do not apply, unless, which is unlikely, the dollar ceases to be accepted as an international currency. For now, the euro, yen, or even renminbi are way behind the dollar in acceptance.