It will be much more difficult for the US to implement a Plaza Accord type this time. It worked in 1985 because one of the main source of US trade deficit was Japan which agreed to follow this agreement and boosted its domestic economy. This time, one of the main source of US trade deficit is China and it is difficult to imagine that China could do the same thing than Japan at that time. In particular because China has its own defence, unlike Japan. At the same time, it would make sense for China to boost its domestic economy which has been weak since the end of covid. So far, China remains reluctant to put in place a large stimulus to push consumption.
