A trade deficit is a self destructive phenomenon. It's physically impossible for it to exist continuously forever. (In terms of total net trade in and out of a country). If you count up the total goods entering/exiting America (or any other country), it will always be net neutral.

The only reason its seemingly not the case with America is a purely monetary phenomenon and wouldn't exist without dollar hegemony. And this isn't hurting America (at least any more than its hurting the rest of the world at Americas expense).