[The Baking Typewriter] Trump 2.0, How to Survive in a US-First World

Trump's Policy Based on 'America First'
Calm Preparedness Needed Over Excessive Fear

Since former President Donald Trump's victory in the U.S. presidential election was confirmed, the global economy has been shaken. With his inauguration scheduled for January next year, Trump, the president-elect, has already declared his intention to raise the tariff barriers against China even higher, causing worldwide stock markets to fluctuate. In particular, the Korean economy and stock market, which count both the U.S. and China as their largest trading partners, are showing significant volatility ahead of the resumption of the tariff war between the two powers.

Trump 2.0 is a book that compiles the opinions of four experts on the international situation, the global economy, and the shocks and changes that will appear in Korea following the launch of the new Trump administration. Regarding Trump’s re-election, experts agree that it is essential to first examine the “America First” principle, which has become the most important guiding policy in his political actions, beyond the individual politician himself.

Viewing the world through the lens of America First helps to understand Trump’s somewhat abrupt and radical statements and policies. Therefore, this book reviews Trump’s characteristic policies one by one, starting from the foundation of America First, which is “isolationism.” Isolationism is the logic that unless international situations threaten the security of the U.S., the country should minimize its political and military foreign activities and devote most of its budget and social resources solely to the U.S.

An important condition for maintaining isolationism is a sustained U.S. current account surplus in international free trade, meaning continuous profits. Conversely, countries causing deficits must resolve these deficits through individual negotiations. Since its first term, the Trump administration has strictly followed this logic, engaging in tariff disputes with China, Europe, and advanced Asian countries. The main countries targeted in the current trade disputes, alongside China, include Canada and Mexico, which also record huge trade surpluses with the U.S.

The principle of isolationism also underlies the desire to quickly end the wars in Ukraine and the Middle East and reach a ceasefire. The logic is that all the actions the U.S. has taken as the “world’s police” by intervening in global conflict zones have not significantly benefited U.S. national interests, so foreign wars and conflicts should be concluded swiftly.

The book advises that Trump’s campaign promise of a cryptocurrency-friendly policy should also be viewed first from the perspective of isolationism. Cryptocurrency mining is a long-term investment business for U.S. oil drilling companies, which became the world’s top oil producers in the 2010s with the shale oil boom. Bitcoin mining shares a similar business model with oil drilling, as mined coins are sold on the market. Amid efforts to maximize the profits of these U.S. drilling companies, the second Trump administration is moving to deregulate the cryptocurrency sector.

Ultimately, since isolationism?a traditional U.S. foreign and economic policy principle?lies behind Trump’s presidency, the authors urge that we should anticipate and prepare responses in line with America’s moves. Rather than succumbing to excessive fear over Trump’s re-election, calmly weighing the pros and cons and devising strategies will enable us to successfully navigate the second Trump administration.

Trump 2.0 | Kim Kwangseok, Park Seiik, Park Jungho, Oh Taemin | Edenhouse Publishing | 20,000 KRW