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USA is already losing the tariff war as it undermines the American economy, and hasn't helped their trade deficits much.
When EU finally decides to put tariffs on American services, because USA continue with their shenanigans, then USA will have a trade deficit for real.
Because the trade deficit on goods is vastly outweighed by the surplus on services.
Even if they have a deficit, it is basically free, because they can pay for it with dollars they print themselves, because the USD is the global reserve currency.
But Trump is ruining that too, since "liberation day" where Trump introduced his tariffs, the use of the USD as a global reserve currency has dropped, some claim by up to 30%

All USA is doing is undermine the power they used to have. Everybody threatened by USA are in talks with each other to increase cooperation.

EU, Canada, Australia, UK, Japan, are making deals to cooperate around USA including on military.
The Gulf countries are now negotiating with China on economy, which will potentially be the end of the petro dollar. And they are looking to Europe especially Ukraine for defense equipment to replace American equipment.
South American countries have been working with China for years, and USA subsidizing Argentina will not change that.

USA is making themselves irrelevant, the Iran war has shown their military is a paper tiger, that cannot protect their allies, and they are pulling key defense equipment out of Japan and South Korea to aid in the Iran war. Making all allies unsure of the value of cooperating with USA. Japan participating in the EU SAFE program is an extremely clear indicator of that.

So whatever USA decides, will have very little bearing on the rest of the world. Because for USA, the train has already left the station, the ship has sailed. The world has lost patience with USA, and are now only idling in their relations with USA, while they all seek to strengthen other relations, for both financial stability and military safety.