I’m surprised all the countries the US is trying to bully aren’t considering moving to the Euro as the reserve currency (even China might go along with this). It would be so damaging for the US they might actually understand they have been benefiting from a win-win situation since the end of the Second World War.
On the contrary, a weaker dollar would make exports more competitive and imports more expensive, thus realigning trade balance. https://www.lynalden.com/fraying-petrodollar-system
But regardless of what happens with trade balance, it will also make borrowing money much more expensive, which is not great for the US since our debt to GDP ratio is over 100%.
It also removes another non-military weapon from our toolkit.