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He is not yet in power but President-elect Donald Trump rattled much of the world with an off-hours warning of stiff tariffs on close allies and China -- a loud hint that Trump-style government by social media post is coming back. With word of these levies against goods imported from Mexico, Canada and China, Trump sent auto industry stocks plummeting, raised fears for global supply chains and unnerved the world's major economies. For Washington-watchers with memories of the Republican's first term, the impromptu policy volley on Monday evening foreshadowed a second term of startling announcements of all manner, fired off at all hours of the day from his smartphone. "Donald Trump is never going to change much of anything," said Larry Sabato, a leading US political scientist and director of the University of Virginia's Center for Politics. "You can expect in the second term pretty much what he showed us about himself and his methods in the first term. Social media announcements of policy, hirings and firings will continue." The first of Trump's tariff announcements -- a 25 percent levy on everything coming in from Mexico and Canada -- came amid an angry rebuke of lax border security at 6:45 pm on Truth Social, Trump's own platform. The United States is bound by agreements on the movement of goods and services brokered by Trump in a free trade treaty with both nations during his first term. But Trump warned that the new levy would "remain in effect until such time as Drugs, in particular Fentanyl, and all Illegal Aliens stop this Invasion of our Country" -- sowing panic from Ottawa to Mexico City. Seconds later, another message from the incoming commander-in-chief turned the focus on Chinese imports, which he said would be hit with "an additional 10% Tariff, above any additional Tariffs." The consequences were immediate. Almost every major US automaker operates plants in Mexico, and shares in General Motors and Stellantis -- which produce pickup trucks in America's southern neighbor -- plummeted. Canada, China and Mexico protested, while Germany called on its European partners to prepare for Trump to impose hefty tariffs on their exports and stick together to combat such measures. The tumult recalls Trump's first term, when journalists, business leaders and politicians at home and abroad would scan their phones for the latest pronouncements, often long after they had left the office or over breakfast. During his first four years in the Oval Office, the tweet -- in those days his newsy posts were almost exclusively limited to Twitter, now known as X -- became the quasi-official gazette for administration policy. The public learned of the president-elect's 2020 Covid-19 diagnosis via an early-hours post, and when Iranian Revolutionary Guards commander Qasem Soleimani was assassinated on Trump's order, the Republican confirmed the kill by tweeting a US flag. The public and media learned of numerous other decisions big and small by the same source, from the introduction of customs duties to the dismissal of cabinet secretaries. It is not a communication method that has been favored by any previous US administration and runs counter to the policies and practices of most governments around the world. Throughout his third White House campaign, and with every twist and turn in his various entanglements with the justice system, Trump has poured his heart out on Truth Social, an app he turned to during his 20-month ban from Twitter. In recent days, the mercurial Republican has even named his attorney general secretaries of justice and health via announcements on the network. "He sees social media as a tool to shape and direct the national conversation and will do so again," said political scientist Julian Zelizer, a Princeton University professor. cjc/ft/dw/bjtIn this article Loan Affiliate Programs Related USSD transactions reach N2.19tr in H2 2024 amid debt issues December 8, 2024 Nigeria's VAT revenue reaches N1.78tr in Q3 2024, up 14.16% December 8, 2024 Tinubu’s Tax Reform: How it will affect you December 8, 2024 CBN debunks information on sales of FX to BDC operators 3 days ago Mobile money, bank agents vows support for $1tr economy 3 days ago Reps to probe CBN over naira scarcity 3 days ago 0 Comments cancel reply You must be logged in to post a comment. Flag Comment Why are you flagging this comment? 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(ANI photo) MUMBAI: Dalal Street witnessed huge volatility on Friday, with the sensex swinging over 2,100 points in intraday trades and finally closing 843 points up at 82,133 points - a two-month closing high. The day's gains came on the back of strong foreign fund buying at Rs 2,335 crore, BSE data showed. The sensex opened Friday's session marginally lower at 81,212 points but soon, strong selling pulled it down to 80,083. Soon after, a strong recovery started that, during the closing minutes, took it to an intraday high of 82,214 points and it closed just a tad off that mark, up 1% on the day. According to Siddhartha Khemka, head of research (wealth management) at Motilal Oswal Financial Services, buying in FMCG, IT and banking stocks supported the recovery, even as broader market sentiment remained cautious. "The intraday selloff in Indian equities followed weakness across Asian markets, which posted steep losses amid a stronger dollar, rising US Treasury yields and continued skepticism over China's economic revival. The lack of clarity in China's stimulus plans weighed on metal stocks in India," he said. Although foreign funds were net buyers during the session, market players are still not convinced the buying will sustain the short term. "US Treasury yields have surged to their highest levels this year, dampening hopes for significant Federal Reserve rate cuts going ahead. The rupee hit a new low of Rs 84.88 per dollar on Thursday, pressured by a strong dollar, FII outflows, and higher crude oil prices. Investors will watch out for manufacturing and services PMI of US and India and domestic WPI inflation to be released on Monday," that could decide the market's trend going ahead, Khemka said. At close, of the 30 sensex stocks, 26 closed with gains. In the broader market, however, declines outnumbered advances with 2,173 laggards to 1,818 winners, BSE data showed. The day's session added about Rs 6.4 lakh crore to investors' wealth, with BSE's market capitalisation now at Rs 467.3 lakh crore. In the short run, a host of domestic and global factors would decide the market's trajectory. "Despite an adverse base effect, IIP growth in Oct 2024 improved marginally to 3.5% (from 3.1% in Sept). Impact of the US economic policy, recovery in domestic consumption & investment and CPI inflation are some factors to focus on over the next few months," Shrikant Chouhan, head of equity research at Kotak Securities, said. Market players also said that once Donald Trump takes office as the US President in Jan, the new administration's policies would be in focus too. Ready to Master Stock Valuation? ET’s Workshop is just around the corner!Holiday shopping doesn't have to be stressful
Now that former President Donald Trump has won the US presidential election, should President Yoon Suk Yeol practice golf and get used to hamburgers? By indulging in Trump’s favorites, can President Yoon win the US leader's heart and build a bromance with him for the sake of South Korea’s national interests? Unfortunately, these seemingly playful questions have become a serious topic lately in Seoul’s political and diplomatic circles. That is because as the most powerful leader in the free world, Trump can either help or hurt Korea in the most powerful ways. Korea’s security, trade and perhaps entire future very much depends on this man across the Pacific. US presidents have always been important for Korea. And in critical issues of security and economy, US policies have been generally predictable. Depending on which party holds power, Korea could prepare relatively well for a power change in Washington. But the first Trump presidency from 2017 to 2021 was anything but predictable. Like a loose cannon, he introduced many surprising, impulsive and unconventional policies that disrupted the existing world order and shook the global security and economic landscape. He downplayed the value of alliances and sometimes heaped praises on opponents. His love for strongmen, which at times led to bromances, was a particular shock. The list of Trump’s bromances, especially with strongmen, is quite long. During the recent campaign, he said he had “fallen in love” with North Korean leader Kim Jong-un. “I think he misses me,” Trump said of Kim, a tyrant oppressing his population of 25 million with absolute terror. Trump once said he can solve the thorny problem of North’s nuclear weapons development by having hamburgers with Kim. In fact, Trump was the first and only US president who ever met a North Korean leader. Although their two summit meetings failed in the end, Trump still boasts his personal rapport with Kim. Another notable strongman with whom Trump has a certain bromance is Russian President Vladimir Putin. Having called Putin “a genius,” Trump insists that he can end the war in Ukraine in a day using his personal relations with the Russian leader. As a former businessman who boasts of his negotiation skills, Trump believes he can be an efficient broker between Putin and Ukrainian President Volodymyr Zelenskyy. His view of diplomacy is nothing but the give-and-take of business transactions. There are many other authoritarian leaders Trump is fond of. He often praises Hungarian Prime Minister Viktor Orban for his populist anti-immigration, anti-LGBTQ+ policies. Argentine President Javier Milei is another Trump favorite. Milei’s libertarian ideology of an unregulated market economy, among others, is exactly what Trump hopes to pursue during his second term. There is also Saudi Arabian Crown Prince Mohammed bin Salman, another tyrant accused of masterminding the murder of a dissident journalist, who has amicable relations with Trump. One doesn’t have to be an autocrat to win the Trump's heart. His latest bromance is of course with Tesla founder Elon Musk. Having thrown full support behind Trump’s successful campaign, Musk has now become Trump’s “First Buddy,” who has almost dictated the formation of the president-elect’s new cabinet. After the election, Musk spent a few days with Trump at his Mar-a-Lago resort in Florida, greatly influencing Trump’s policies. Trump’s reward for Musk’s help is to name him head of the newly-formed Department of Government Efficiency that is going to ax federal government jobs and budgets to cut costs -- a project the two hatched together during the campaign. For Korea’s President Yoon, however, there is another bromance he needs to study to become friends with Trump. Former Japanese Prime Minister Abe Shinzo is known as one of very few western leaders to have enjoyed a Trump bromance. But it didn’t come easily for the late Abe. He made tremendous efforts to win the US leader's trust from the day Trump was elected in 2016. Fully acknowledging the importance of the US and its president for the security and economy of Japan, he visited President-elect Trump in New York even before his inauguration to the ire of the outgoing Democratic US administration. Once Trump was president, Abe was the first foreign leader he invited to Washington to meet with him. Abe didn’t just meet Trump. He studied every aspect of the president meticulously to forge long-lasting chemistry with him. Knowing that Trump is a golf addict, Abe presented him with a set of gold-plated golf clubs. In return, Trump invited Abe to his Florida golf course for a near full-day rounding. Among their meals were of course the hamburgers Trump enjoys most. When the new Japanese Emperor Naruhito was enthroned in 2019, Trump was invited by Abe and given the full red-carpet treatment. Together, they watched a Sumo wrestling match as good friends would do. Thanks partly to the bromance, the Trump administration’s policy toward Japan was generally favorable. While Trump doubted and even detested US alliances with some European countries, Japan was largely spared such troubles. In the decadesold case of North Korea’s abduction of Japanese citizens, Trump continued to support Japan’s position, demanding action from the North. Abe’s vision of an Indo-Pacific security partnership was implemented as an official policy by Trump who viewed it as an efficient way to check China’s rise. President Yoon might be able to forge some degree of friendship, if not a bromance, with Trump if he works as hard as Abe did. There are some potential opportunities. When Yoon visited Washington last year for a summit meeting with President Biden, he impressed his host by singing the famous pop song "American Pie" at a White House dinner. Yoon’s personal gesture was positively accepted by Biden. With the more precarious and unpredictable Trump, Yoon may have to muster some more dramatic and touching gestures, including eating hamburgers and playing golf. Lee Byung-jong Lee Byung-jong is a former Seoul correspondent for Newsweek, The Associated Press and Bloomberg News. He is a professor at the School of Global Service at Sookmyung Women’s University in Seoul. The views expressed here are the writer’s own. -- Ed.