'Thus, in one final paradox, the parlous state of other countries means that Trump’s policies (and his tantrums about the currency) might strengthen the dollar in both the short run and the long run rather than hurting its value or dominance. This is the case whether or not one believes in US exceptionalism. And the rest of the world has only itself to blame.'

But this is US Exceptionalism...writ large and blind.

Blind to the fact that China has won the trade war. Trump can impose tariffs all he likes- this is only admission that US manufacturing cannot compete with Chinese.

China is now challenging the US based institutional framework- by sponsoring Russia and Iran and N.Korea in their attacks on the west.

All nations must trade with China or suffer significant negative effects- loss of commodity exports and more costly imports (inflation).

Chinas control over Hong Kong and its already operational CBDC gives it the potential to reverse engineer the global trade payments system hegemony which was long ago imposed upon China and all other non western nations

China has already built a an alternative trade payments system that serves Iran, Russia and N.Korea and is open to any other refugees from the USD SWIFT hegemony.