The trade of last 30+ years made dollar very overvalued. Strong dollar befinets import, discourages making something competitive at home and export.
Trade deficits is just a visible tip of the iceberg. The root is the currency as well as other policies in persistent export surplus countries that subsidize exports. That's why China's 104% tarriff is not biggest retaliation. The bigger retaliation is its RMB against USD dropped to 7.4 from 7.1.
Link: https://en.m.wikipedia.org/wiki/Triffin_dilemma
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