"Instead of an advanced economy that leads the world, the US is looking
more like a troubled emerging market, according to a former IMF
official, ...

In fact, the changes are so fundamental that the US is now exhibiting
surefire traits of an emerging-market economy in trouble, according to
Desmond Lachman, a senior fellow at the American Enterprise Institute
and a former deputy director of the IMF's policy development and review department.
..

First, Lachman pointed to excessive use of tariffs, which stifle
competition, increase inflation, curb growth, and fuel corruption by
giving government officials the power to grant exceptions.
..

Second, Lachman said another sure sign of a troubled emerging-market
economy is large budget deficit and massive debt.
..

Third, when a handful of oligarchs has outsize political influence or
wield power directly and when the government erodes confidence in public institutions, that's another red flag.
..

Fourth, Lachman flagged erratic economic policymaking and highlighted
the on-again, off-again nature of Trump's tariffs in addition to the
mass firing and rehiring government workers who were later deemed too
essential to let go.
..

Confidence that the rule of law prevails in America was a major
advantage that the US had over emerging markets, but that seems to be
slipping too, Lachman said.

He cited the administration's repeated challenges to court rulings and conflicts of interest among officials."
..

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