That is the topic of my latest Bloomberg column, here is one excerpt:
Typically, if you put a major military base in a country, there is a general expectation you will not actively work to subvert the sovereignty of the host government. But right now the U.S. is violating that understanding.
Now imagine you are the leadership of Singapore, which faces political pressure from a much larger China and Indonesia. Singapore also hosts a significant American military base. You will think twice about the benefits you once expected from this arrangement. Kuwait and Bahrain, too, will be reconsidering their options. Other vulnerable countries with American military bases include South Korea, Kosovo, Greece and Djibouti. Yet other nations, such as Taiwan, do not host American military forces, but rely in part on the potential for American military assistance.
In sum, many more countries will feel less secure, and many of these countries will most likely court additional favor with their local or regional hegemons, which are typically less liberal influences than the U.S. In the Middle East and Gulf, for instance, Turkey and Iran stand to gain in influence.
Do read the whole thing.