This wouldn't make any difference, it just means someone else now holds those same dollars. The existence of the dollars as an export surplus means someone is going to hold those treasries. At least until they are used to buy US exports - the only way bringing those dollars back domestically.
It goes further because it basically means a country is likely to be in deficit if these surplus dollars lay around somewhere - Twin Deficit Hypothesis.
It goes further because it basically means a country is likely to be in deficit if these surplus dollars lay around somewhere - Twin Deficit Hypothesis.