The correct way to address trade imbalances is by addressing the root cause, which is the expansion of money supply in the trade deficit country.
If you have a fixed quantity of money, then you cannot run indefinite current account deficits. This is because you sell your money to buy the goods and when the money runs out you can't buy any more goods, unless you sell some goods to obtain money.
Hard money is a natural inhibitor against trade imbalances. It creates self-balancing trade where, mathematically, one country cannot take more than they give.
The USA has had an exponentially increasing money supply for decades, then in 2008 it climbed rapidly, more than quadrupling within 5 years. Trade deficits simply wouldn't be possible without this. But the USA government needs the expanding money supply to support its fiscal deficit, otherwise it wouldn't be able to finance its warface/welfare state.