> balance all the desired export surpluses of the EU, China, Japan, etc together without the US as the demand sink

in 2022 China, Russia exported around 630 billion USD, US imported around 950 billion USD. maybe the world will not end if these three just go and play in a separate sandbox;)

> it's going to be a painful adjustment.

even if demand falls a bit it's not the end of the world if it becomes more sustainable afterwards (less overproduction, consumer waste, gassing the environment)