Ambrose Evans-Pritchard lays out the likely steps in how this will happen in this article.
He says Trump will take direct control of the Federal Reserve to lower interest rates. This, and his global tariff war, and tax cuts for the rich, will stoke huge levels of inflation in the US. Think of Erdogan's Turkey for comparison.
By this point, the foreigners who finance US government debt by buying Treasury bonds will start to lose confidence in the dollar as a currency.
This crisis will force money printing (quantitative easing) and capital controls, both furthering the currency crisis and perhaps leading to hyperinflation.
I hope there are sunny uplands for the world ahead, and the transition to get to them isn't too long. We were always going to have to endure economic pain as we transitioned to a world where robots/AI can do all work. I suspect that pain is going to start sooner than we expected.
At this point just about anything is plausible.
But surely doing that would hurt Trump pretty bad (along with everyone else) who must have a lot of stuff denominated in USD.