The Triffin dilemma related to the dollar-gold redeemability issue. This did come true when Europe tried to bankrupt the US, but the US had already planned for this and wanted an external trigger to "temporarily" move to fiat (forever).

You don't have to run a goods trade deficit to supply the global financial system, you can just print USD and then buy foreign currency. The US hates being the reserve currency so much that they couped Libya and Iraq when they tried to sell oil for gold.

Manufacturing was also gutted in Australia (and many other countries) because it is cheaper to manufacture in poorer countries with less regulation, we don't have the reserve currency holding our economy back. You could not devalue the USD enough to compete with Bangladesh on t-shirt manufacturing.