The second term of Donald Trump's administration in the United States was officially inaugurated on Jan. 20, local time.
Upon taking office, Trump strengthened his "America First" policy by rolling back environmental regulations, abolishing mandatory EV adoption, and expanding protectionist trade measures.
Notably, the imposition of a 25% tariff on Canadian and Mexican imports, along with the suspension of certain funding under the Inflation Reduction Act (IRA), has increased uncertainty in the EV and renewable energy industries. These policy shifts are accelerating the restructuring of global supply chains, requiring key trading partners, including South Korea, to devise strategies to navigate the evolving trade environment.
This column explores the challenges and opportunities that Trump's policies present for South Korea and global businesses.
Contents
1. Trump's second term, what's different
2. Will the IRA policy be paused immediately?
3. Global supply chain impacts and how to respond
4. Conclusions & Implications