I suggest reading https://foreignpolicy.com/2011/09/07/an-exorbitant-burden/ https://foreignpolicy.com/2011/09/07/an-exorbitant-burden/ for a counterargument.

I suggest reading https://foreignpolicy.com/2011/09/07/an-exorbitant-burden/ https://foreignpolicy.com/2011/09/07/an-exorbitant-burden/ for a counterargument. The harm is not just export competitiveness; it's also other countries being able to export their lack of demand and unemployment to the US (via the exchange rate and balance of trade mechanisms, true, but the point is that the harm affects all of the US economy, not just export-oriented industries). As one specific example, the low rate of saving by US consumers is a direct consequence of the use of the dollar as a reserve currency. It's not clear to me that lower borrowing costs, even if those are present, outweigh even that one harm. And to be clear, "the United States" as a whole that's benefitting in the mckinsey report you link is an average. The actual benefits and harms from the use of dollars as a reserve currency flow to different people, and as far as I can tell that contributes to worsening inequality in the US, which is an effect (benefit or harm, take your pick) the mckinsey report doesn't seem to mention.