If a country's credit rating is downgraded and that country's cost of borrowing goes up, won't that country buy less from other countries?

Won't that kind of put the brakes on "free trade"?

Won't that mean less demand for commodities like oil? imported food?

Won't that mean more demand for domestic products and food?

Will this mean more deflation?

And won't an exporting nation like China that has geared its industry to make things like foreign flags and trinkets for foreign kids go into a tailspin?

Am I wrong?