Trump 2.0 and the America First Trade Policy: A South Korean Survival Guide

Upon his inauguration on January 20, 2025, as the 47th President of the United States, Donald Trump issued a memorandum introducing the America First trade policy. The memo directed the secretaries of the Treasury, Commerce, State, and Homeland Security departments to conduct a comprehensive review and overhaul of US trade and economic strategies to ensure reciprocity in global trade. In the near term, the move signals a desire for the US to turn back the clock 30 years, to a time before supply chains began orbiting China. In the broader historical context, it marks the end of the post-World War II globalization regime under the World Trade Organization and marks the first fundamental shift in global trade norms in over 70 years. Going forward, the system of global trade is likely to feature elements of protectionism as well as a much-changed international division of labor, but the precise trajectory of these developments remains uncertain. What is clear, however, is that South Korea must develop a national industrial and trade strategy that maximizes its opportunities in this evolving order. To that end, this report examines the details of the America First trade policy and the mandate delivered by American people to the new administration and Congress following the 2024 federal elections and outlines strategic recommendations for Korea’s future industrial and trade policies. For the full report by Kyung Heewon, Lee Jun, and Sanghoon Kim, click the download link above.