Its everyman for himself and devil take the hindmost.
As we observe the tectonic shift from global concerns to more locally-driven pressures (in good economic times, politicians have the luxury of leisure time and can afford diversion into realms that are not their expertise or responsibility...it is a great strength of this country that in bad economic times, the very same politicians are compelled to focus their attention on their immediate constituents), tensions in trade predominate.
Bailouts are met with counter-bailouts, de-valuations (in whatever form is selected as most palatable) are met with counter-devaluations.
The real question is, as always, real economic assets.
This is why the U.S. will feel more pain, but will emerge from the current fog as sole hyper-power of the world.