Interest payments on the debt are now so large that the spending is higher than the outlays for the Departments of Defense, Commerce, Homeland Security, Education, the Environmental Protection Agency, the Small Business Administration, and the U.S. Coronavirus Refundable Credits scheme—combined.
Can’t think of many countries which do not participate in the global economy. You don’t need to use the dollar or trade with the US to be affected by a financial crisis outside of your borders.
Sure, there will be an effect on many countries, but it’s also just going to mean that global economy reorients around trade outside the west. China, in particular, has been actively pursuing a strategy of dual circulation ensuring their domestic economy is the primary driver rather than trade. I imagine once there is a financial crisis in the west, countries in BRICS and ASEAN will increasingly focus their trade on China.