Before people trusted us to honor important parts of our commitments. Now people expect the worst from us in nearly everything. We lit an assload of soft power on fire and it will likely contribute to our "downfall" from global hegemon to competing great power. Silver lining is that a lot of the wealth we've skimmed off the top of the global economy for decades will now start going back to our allies and industrially underdeveloped parts of the world held hostage by our dominant military and economic position.

The difference is that people are questioning whether they should keep trading in dollars. This is new.

Sadly, no. It does seem like that though.