For decades, the United States acted as the buyer of last resort for the world’s manufacturing economies. Asia produced, America consumed and the dollars that flowed out of the United States came back as purchases of US Treasuries. That loop is coming apart and a new research note argued that India is standing directly in the path of what spills out. A new report by Nuvama argued that structural shifts in the US economy, alongside higher trade barriers, could progressively reduce America’s ability and willingness to absorb Asia’s large trade surpluses. The immediate consequence would be that exporters, particularly China, have to find customers elsewhere.