Exercise : US tariff regime change

US Treasury obligations are largely to US investors/pensioners. I don't yet understand the dynamics of pulling back on the supply of treasuries. It seems to increase the cost of carry for banks, driving up business borrowing costs, increasing disinflationary pressure to offset the effects of lower unemployment and increased focus on domestic industry.

Trade isolationism however, seems to shore up the DXY with a reduction of net imports. This seems to mitigate against the effects of Japan's transition to a 2% growth economy, retaining some sort of carry trade for the USDJPY.

Net net, my undereducated thoughts over a cup of coffee ... US investors may increasingly seek financing from abroad, to drive domestic growth. This simply shifts the burden of USD interest obligations from the US public sector, to other nations, and to the US private sector. I'm not sure if this further fuels the private credit renaissance, and if that has further structural impact on global market risk.

What we know is that the fed printer is on standby, always.

What we don't know, is what new swans will be birthed through the remaining years of this policy regime.