The geopolitical stability is now cheaper[1] than the debt service.
Naturally, that calls into question the incredibly low interest rates, and the reserve currency status.
If you need to blame Trump, the last straw was COVID.
At incredibly low interest rates, most investments are positive ROI.
Step 1: Hold short term rates at zero, forever Step 2: ??? Step 3: Profit Step 4: Wow, that's a lot of debt
[1] https://www.cfr.org/blog/first-time-us-spending-more-debt-in...