Trump's tariff wars blamed as US plummets to tenth place in global trade competitiveness: report
President Donald Trump is doubling down on his latest threats to close all or part of the US border with Mexico. (AFP / Nicholas Kamm)

According to a report at Bloomberg, Donald Trump's trade wars have ruined America's ranking among countries when it comes to competitiveness in just two short years.


After dropping from first to third in 2019, the United States went into freefall in 2020, collapsing all the way down to the tenth spot while Singapore held onto the top spot and Denmark took a huge leap from eighth to second.

The report, based upon rankings from the IMD Business School in Lausanne, Switzerland, attributes the fall to the tariff wars the president has engaged in with American trade partners — in particular China.

 "The U.S.’s trade war with China has increased uncertainty for businesses, a factor weighing on both countries’ competitiveness," Bloomberg reports, adding, "The IMD’s rankings, which started in 1989, assess 63 economies on hundreds of indicators: a combination of hard data, such as employment, cost of living, and government spending, and soft data from surveys of international business executives on topics including political stability and protection of intellectual property rights."

According to Arturo Bris, director of the IMD World Competitiveness Center that compiles the ranking, "The benefit of small economies in the current crisis comes from their ability to fight a pandemic and from their economic competitiveness.”

With the IMD report stating, "The top five -- Singapore, Denmark, Switzerland, the Netherlands and Hong Kong -- show the strength of smaller economies in weathering global risks," the report also added, "Trade wars have damaged both China and the USA’s economies, reversing their positive growth trajectories.”

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