East Asia (China, Japan, and the NIEs) ran a $600 billion current account surplus in 2017. "Official" (central bank and sovereign fund) outflows accounted for about half of that. Asia's foreign exchange market intervention isn't as overt as it once was, but also hasn't entirely gone away.
The U.S. currently runs a surplus on investment income of about 1 percent of GDP, as the income on U.S. equity investment abroad (inflated by tax arbitrage) exceeds the interest the U.S. pays on its external debt. That surplus could shrink significantly as interest rates rise.
Warning: long, wonky, and not for the fainthearted.
I try to assess how the international reforms will impact where firms book profits and thus the measured trade and income balance, not just the mechanical impact of a higher fiscal deficit.