I think they were bluffing, and US allies called them out on their bluff.
The US is paying a dangerous game, and I think they have realized this. Imagine a world order, where the USD is irrelevant. And that is exactly what will happen if the US keeps using their concurrency, in order to dictate the behaviour of other countries and hold their economy hostage.
The US overestimated their situation.
No doubt the US is the only military superpower in the world, but they are the only economic superpower in the word.
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