Who is going to buy China, Germany, Japan, and SKs stuff? If they don’t recycle into US assets (and they often hide these purchases or buy alts like MBS), then US consumers can’t afford to consume. All of these countries are deeply structurally imbalanced to exports. There just isn’t anyone big enough to absorb their trade. Quite frankly the US in general would be better off long term if people stopped buying treasuries. There’d be dislocation and Wall St would suffer but it would reshore more manufacturing and spur US growth. So I’m all for it but I doubt the exporters are going to commit suicide if they don’t have to. I think they are stuck.