It is more likely that there will be occasional bumps along the road, and some of them could be pretty big. In the near term, were the US slowdown to become deeper and more protracted, Asia would probably be affected. It is true that direct trade linkages with the US have become relatively smaller as a share of total Asian trade in recent years.
Moreover, recent indicators, including new claims for unemployment insurance and surveys of hiring plans, point to the likelihood of more sluggish job growth in the period ahead. Other sectors of the economy are also contributing to the slower-than-expected rate of expansion. The housing sector has been a significant driver of recovery from most recessions in the United States since World War II.