When the US runs trade deficits, it means that the US is exporting dollars, almost like how China keeps the Yuan undervalued to boost its exports of goods.

In other words, we get real resources and labor in exchange for paper we can pull from our backsides on demand, regardless of any "revenue" position of the currency issuer.

If there is a threat to the dominance of the dollar in world trade it will be from the inability of Congress to recognize this distinction between currency users and currency "issuers" and the singular focus it has on balancing mostly irrelevant numbers on a spreadsheet. Without deficit spending, there is no US dollar to purchase bonds or retire dollar-denominated private sector debt.