No. That isn't the way it is going to work. Our goods will still be more expensive than foreign goods in foreign countries because of tariffs, etc. In order to have a positive trade balance we have to actually produce our own goods. I am not sure if you are aware that we mostly produce raw materials but not many consumer goods.
We basically provide the materials to skilled labor to build our stuff and they sell it back to us cheaply. Because demand will be lowered due to rising prices production will be lowered and there will be no goods going to foreign markets. Too much inflation will kill what is left of American production.
Make no mistake, the only faction that profits from inflation is Wall Street. As interest rates are lowered to clear out excess cash it creates a bubble in investment. The dollar is further devalued because there is now very cheap, large quantities of money in circulation.
Investors and traders may see a good return due to the volatile nature of stocks but people who cannot afford to invest lose the purchasing power of their money -- that is, consumer goods get more expensive. This is a moral problem of the highest order. This is what is meant by "the rich get richer and the poor get poorer."
As someone who has to travels quite a bit I am not very happy with the dollar right now.