If the US wants to counter China's Belt and Road Project, it should offer a suitable alternative instead of merely talking about how it's debt trap diplomacy.
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One of the centrepieces of Obama's foreign policy was a comprehensive 'pivot to Asia', and the trans-pacific partnership free trade agreement. In fact, many argue that the Belt and Road Initiative is a response to the efforts of the US to contain China.
More recently, the Trump administration has assigned $60bn to the 'Overseas Private Investment Corporation', a US government agency that will use to the funds to underwrite far larger sums of private capital, and invest it around the world.
It is a long-standing part of US grand strategy to use India to balance against China, which lines up with the fact that the biggest investments of the new Silk Road have been to Pakistan.
India, Japan and various African countries set up the 'Asia-Africa Growth Corridor' a couple of years ago, a direct rival to the Belt and Road Initiative.