What Is Trumpism?

Recently, when U.S. President Trump announced tariffs on Mexico and Canada, U.S. futures markets and Asian stock markets fell.
Like this, the global economy swings every time Trump's policies are actually put into effect.
As the Trump 2.0 era begins, it is a good idea to check which policies he is pushing besides tariffs and look ahead at their effects on the economy.
With Trump becoming U.S. president, the term Trumpism was born. It comes from combining Trump with the word ism, meaning ideology.

Here is a summary of Trumpism's key policies.

Tax and trade policy
- Tariffs on major U.S. trading partners
- Cutting the corporate tax rate for U.S. companies to 21% (15% for manufacturing)
- Abolishing income tax and expanding the child tax deduction
- Maintaining sweeping protectionist trade policies
- A 10% baseline tariff on all goods, and reciprocal retaliatory tariffs when tariffs are imposed on U.S. products
- A 60% tariff on China
Diplomacy and security - Opposing support for Ukraine and pushing for an early end to the war
- Reducing U.S. troops in allied countries and raising defense cost-sharing
- Scaling back green policies and supporting energy security through expanded fossil fuels and nuclear power
- Anti-immigration policies (tighter control of the Mexican border) and forced deportation of illegal immigrants
Judging by Trump's first term, President Trump appears likely to keep pursuing policies like these.

Among these policies, there are a few points to check from Korea's perspective.
First, tariffs: Korea is also highly likely to face tariffs on semiconductors, automobiles, steel and more. This is because Korea earns large trade surpluses with the U.S.
Second, U.S. troop reductions and cost-sharing:Actually reducing U.S. Forces Korea seems difficult, as many media outlets say, but there is a high chance he will strongly demand more defense cost-sharing.
Third, opposing support for Ukraine and ending the war early: Korea has provided military support to Ukraine in line with the U.S. Biden administration.
But following the stance of newly elected President Trump, Korea is also likely to reduce military support and place greater emphasis on reconstruction policies in preparation for the end of the war.
Fourth, scaling back green policies: Korea has many industries involved in building green infrastructure. In particular, battery businesses such as LG Energy Solution are likely to take a hit.
The battery industry's revenue has already fallen significantly from its peak due to shrinking global electric vehicle sales. If Trump's anti-green policies continue to be implemented, negative effects on Korea's green industries such as batteries, solar and wind power may persist.
And North Korea policy following the resumption of dialogue with North Korea:*
Matters concerning North Korea are very important from Korea's standpoint, so President Trump's North Korea policy needs to be watched closely.
Every time the policies mentioned above become an issue, the related industries in Korea will swing sharply, and stock prices will also show high volatility.