China loses big time on trade yet it is the no1 economy and booming, while US fell from the top spot and is stagnant.
How hard is it to understand that neither money or piles of goods give you power??? Being able to make goods, the process of invention/creation/production is what gives you power. If you're a perpetual importer, you have no control over technology, total dependence on just taking whatever foreigners decide that you get. When they're in a good mood, they'll give you decent goods in exchange for your "green toilet paper", when they're not, they'll keep the best for themselves while raising the prices, and your consumers won't afford anything while they'll be a generation behind the producers. Coincidentally, that's the exact situation with the living cost crisis in US.
Taken to the extreme, Gulf Arabs are the greatest green toilet paper merchants in the world. They have no tech and no industry on their own. They get everything from sovereign fund trade. So they are the kings of the world just because everyone gives them gold plated BMWs etc for their toilet paper?
"Dollar supremacy" theorists have no explanation for why gulf Arabs don't dominate the region, likewise they have no explanation for why China dominates the global economy. Because the whole premise of "currency = power, therefore huge sovereign funds = huge power" is a complete fraud. None of the Arab toilet paper can buy them better military or tech scene than Israel. None of the American toilet paper can buy them a 6th gen fighter or a leading drone manufacturer.
US' residual power comes from its ability to produce, not from currency. If it lost even those tech/industry fields, they are finished.