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Donald Trump made a stunning comeback after a 4-year gap to get re-elected as the 47th President of the United States of America. In addition to having a significant impact on trade and policy for most nations, Mr. Trump’s victory is likely to have an effect on the global order.
At a press briefing after his meeting with leading CEOs and business leaders in Australia, S Jaishankar mentioned “something that happened yesterday”—the result of the US election. As Mr. Jaishankar put it, India “perceives this as an opportunity”.
Four years later, Republican former US President Donald Trump made a stunning comeback to become the 47th President of the United States of America. In addition to having a significant impact on trade and policy for most nations, Mr. Trump’s victory is likely to have an effect on the global order.
The election of Mr. Trump will have a profound effect on globalisation. Mr. Jaishankar expressed his opinions on this, stating that India views it from four perspectives: First of all, “A global reorganisation of supply chains was already underway.” It is highly probable that this will accelerate following the outcome of the US election.
“To be completely honest with you, some of this will be a little disruptive,” he continued. “But we in India see it as an opportunity because we kind of missed the manufacturing bus in the 1990s and early 2000s, and we do think that this reordering of supply chain gives us a sort of second bite of the apple.” And perhaps we are doing better than we were previously, beginning with Apple, this time around.”
Second, there will be more geopolitical hedging in a sense. that many more of us will be looking for more relationships (around the world) to keep life stable, which is what will unavoidably happen as a result of policies that we can, at least those aspects of it, safely predict,” he continued.
The foreign minister continued by emphasising the importance of the digital era in which we all live, stating that digital payment platforms will eventually gain significant value.
“The digital side, which now essentially encompasses everything, is the subject of the third aspect.” “The digital component of a product, service, or technology will be subject to increased scrutiny, and what has been happening and will continue to intensify is about trust,” Mr. Jaishankar added.
“Digital payment platforms, for instance, would become, in a sense, much more valuable,” he added. stating that “the question of which platform to use and with whom to share becomes crucial.”
Mobility, he said, is the fourth factor. Speaking about it, Mr. Jaishankar stated: “I believe that the world’s demographic inequality is starting to catch up with us, as there will be economies with high demand. There might not be many talented people in those nations.
But in other places, things might be different. Maybe in the years to come, we will be moving towards a much more integrated global workplace, where many countries—including the United States under Donald Trump—will differentiate in immigration and mobility for them. The foreign minister explained, “Those countries will have to encourage economically justified mobility.”
Additionally, businesses are mobile. In recent years, we have already witnessed,” Mr. Jaishankar stated.