The unofficial “Mar-a-Lago Accord” raised this issue – that USD as a reserve currency bears additional burden.
Countries bought US Treasury to facilitate trade with another nation (not necessarily the US), thus creating an inelastic demand and causing USD to appreciate.
This appreciation shall weaken US export, especially in the manufacturing sector.
Such phenomena reflect what can be described as a “Triffin world,” after Belgian economist Robert Triffin..
However, when the reserve country is smaller relative to the rest of the world—say, because global growth exceeds the reserve country’s growth for a long period of time—tensions build and the distance between the Triffin equilibrium and the trade equilibrium can be quite large.
Source: A User’s Guide to Restructuring the Global Trading System
Another interesting point from the artcle.
..value-added taxes are a form of tariffs because they exempt exported goods but tax imported goods.