That will definitely be happening, and countries that rely heavily on trade with US will end up being dragged down with them. In general, I expect that BRICS countries will be better off while G7 ones will be worse off.
Amusingly, Russia might be the one country that's best prepared for this because of the forced decoupling with the west. China has also been working on creating a dual circulation economy. The strategy focuses on domestic market, or internal circulation, to adapt to an unstable international trade environment. https://chinapower.csis.org/china-covid-dual-circulation-economic-strategy/
That will definitely be happening, and countries that rely heavily on trade with US will end up being dragged down with them. In general, I expect that BRICS countries will be better off while G7 ones will be worse off.
Amusingly, Russia might be the one country that's best prepared for this because of the forced decoupling with the west. China has also been working on creating a dual circulation economy. The strategy focuses on domestic market, or internal circulation, to adapt to an unstable international trade environment. https://chinapower.csis.org/china-covid-dual-circulation-economic-strategy/