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U.S. President Donald Trump’s hostility to globalization is ruining the United States’ attractiveness as a place to do business. Sometimes, after all, it takes just one bad landlord to destroy a whole neighborhood’s desirability. This year, net inward investment into the United States by multinational corporations—both foreign and American—has fallen almost to zero, an early indicator of the damage being done by the Trump administration’s trade conflicts and its arbitrary bullying of companies and governments. This shift of corporate investment away from the United States will decrease long-term U.S. income growth, reduce the number of well-paid jobs available, and reinforce the ongoing shift of global commerce away from United States. That shift will subject the entire world economy to greater instability.
A few months ago, I wrote in Foreign Affairs that the Trump administration’s policies could lead to the emergence of a