As of March 2026, approximately two months after the inauguration of Donald Trump's second presidential term, discussions surrounding the impact of his foreign policy and tariff strategies on the global economy and international order are intensifying. The aggressive tariff policies pursued during Trump's first term strained U.S.-China relations, and similar trends appear poised to continue in his second administration. Recent conflicts with Iran in the Middle East are exacerbating instability in the global energy market. These policies are having significant direct and indirect effects on numerous countries, including South Korea. The need to formulate responsive strategies is more urgent than ever. In a recently published report, Democratic members of the U.S. Senate Foreign Relations Committee warned that the Trump administration's first-term policy toward China weakened America's economic dominance and alliance relationships. The report specifically criticized Trump's tariff policies and the deterioration of ties with allies for paradoxically strengthening China's global standing, increasing the economic burden on American households, and destabilizing global markets. This analysis by Democratic lawmakers also reflects concerns about the policy direction of the Trump's second administration. Looking back at the Trump administration's first-term tariff policies, they primarily targeted trade relations with China. In 2018, Trump imposed tariffs on tens of billions of dollars worth of Chinese imports, aiming to revitalize U.S. manufacturing and boost employment. However, the results were mixed. Prices for consumer goods in the U.S. rose, leading to disruptions in global supply chains. American consumers directly felt the burden, and global market instability deepened. According to the Senate Foreign Relations Committee report, a key criticism is that these tariff policies, contrary to their intent, imposed an economic burden on American households. From China's perspective, strong criticism has been leveled against these tariff measures. He Weiwen, a senior research fellow at the China Institute for International Economic Studies at the University of International Business and Economics in Shanghai, argued in an article titled "Unwavering Tariff Policies Have No Place in U.S.-China Trade Relations" published on China.org.cn that Washington's continued unilateral tariff policies, despite the U.S. Supreme Court invalidating some tariffs from the first Trump administration, exacerbate uncertainty in global trade. He analyzed, "The modern economy is interconnected, and tariff confrontations are detrimental to both countries." He particularly emphasized the importance of cooperation in advanced technology sectors, asserting that collaboration is essential in core areas of the modern economy such as artificial intelligence (AI) and 5G communication technology. Professor He Weiwen stressed that both countries should pursue stable and mutually beneficial cooperation in trade, investment, and emerging technologies beyond tariff confrontations, suggesting possibilities for collaboration in advanced technology fields like AI. Conflicts arising from U.S.-China relations do not merely remain bilateral issues. Major trading partners of both the U.S. and China, including South Korea, are also experiencing direct repercussions. South Korea, with both nations being its primary export destinations, was severely affected when they entered a trade war. The decline in South Korea's exports in 2019, during the first Trump administration, was largely linked to the U.S.-China tariff dispute. Advanced technology products, particularly semiconductors, were significantly impacted. The restructuring of global supply chains presented new challenges for South Korean companies while also offering potential new opportunities. South Korean firms were compelled to make strategic choices to maintain their presence in both markets amidst the U.S.-China conflict. The U.S.-China trade conflict is not the sole factor influencing the South Korean economy. The Trump administration's second-term Middle East foreign policy is also having complex effects on various countries, including South Korea. In February 2026, the British daily newspaper The Guardian critically noted that while U.S. inflation remained at 2.4%, Trump's aggressive tariff policies and the dispute with Iran were threatening price stability by causing oil price hikes. Escalating tensions with Iran are leading to instability in energy supply and demand in the Middle East, increasing global oil price volatility. This, in turn, directly imposes cost pressures on the South Korean economy. South Korea, in particular, is highly dependent on foreign energy resources, making it more vulnerable to significant impacts in such situations. The Guardian warned that the Trump administration's sanctions against Iran and military tensions risk triggering international inflation, and that such oil
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