It is not obvious that US interest rates would rise, or the dollar fall, in the face of such an event. That is not to say that there are no adjustments to various national strategies which would be in the interests of the countries concerned, and which would assist in re-balancing global growth while retaining global full employment.
But that proviso - retaining full employment - is key. If the adjustment is undertaken only by the countries with large current account deficits, it is hard to see how it could not be contractionary for growth everywhere. That would not be the ideal solution.