Global competitiveness is surrounded by competing for what is largely a single market. Redistribute and incentivise consumption in other markets, and there is still competition, but the US can't compete in a lot of it and maintain their current salaries.
When it comes to the reserve currency using the US dollar, there has been increased pressure for a long time, and over the last few decades, it has gone from 85 percent of the reserve to 54 percent or so. The reserve is only useful when it is reliable and relatively stable, and if the rest of the world enact production supply costs, that won't be the case.