Oh boy, another “Plaza Accord” will result in another stock market crash ala 1987. Idiots behind the wheel, as usual.
Look, global capital flows to where it is treated best. If you dissuade that from the bully pulpit or executive or legislative action, you just shot yourself in the foot as an economy. Who cares about gigantic mega-corporation conglomerate export troubles??? Zzzz. “Buy America” is small cap domestic firms that benefit from a stronger dollar.
But yes, the eventual imploding foreign debts all stupidly denominated in USD at low rates will herald the end of the deep water-blue navy-petrodollar=hegemony and world reserve currency. But it’s not going to happen overnight. Give it ten years.