North America does buy a lot of crap from China, but not so much as many people think. We also buy a lot of crap from Taiwan, Singapore, Japan, South Korea, Indonesia, Latin America, Africa, and Europe. My work experience tells me that far more things at Walmart say "Product of Mexico" than "Product of China."
I found a
great little website for statistics on the subject from the US International Trade Administration. They have dollar amounts on imports by country since 1989.
1989: China provides 2.5% of all US imports ($12 billion out of $473 billion).
2009: China provides 19% of all US imports ($296 billion / $1.6 trillion).
China was the USA's #1 import partner only in 2007 (16% of total) and 2009 (19%). Canada has been our #1 import partner in every other year on record except 1989 (with 19.8%) and 1991 (18.8%), when it was Japan.
My point here is that the USA (presumably Canada, also) does not have a unique trade relationship with China. They are a rising economy, sure, but China doesn't have any more economic power over the USA than Canada routinely does, nor any more control than Japan did in the late 80s. China has occasionally had more financial influence than any other single nation, but never more than 1/5th of the influence all nations share, and the total influence of all imports is only about 1/10th of the US economy. It's bad reasoning to imagine they own us.
Are we going to be similarly jealous of any emerging economy? If Estonia started doubling their GDP every year until they were a major world economy, would there be howling that they're going to buy our sovereignty and ruin our way of life? Probably. But it'd be just as silly.
Estonia would be better than China because China is a sinkhole devoid of human rights and Estonia is a extremely free country. But that's a moot point next to the clear evidence that
neither of them own North America.