The Wave of Asian Regional and Bilateral Cooperation After Trump's Re-election

Trump's re-election has brought new variables and uncertainties to the global political and economic landscape. Against this backdrop, Asian countries have deeply realized the urgency and importance of strengthening regional and bilateral cooperation, and thus have actively explored and promoted multi-level cooperation paths to cope with the complex situations they may face.

During Trump's first term in office, he adhered to the concept of "America First". In terms of trade policies, he vigorously pursued unilateralism, frequently wielding the tariff baton and initiating trade disputes with numerous trade partners. After his re-election, this trade protectionist tendency is highly likely to continue or even intensify. Asian countries, as an important force in the global economic landscape, have already suffered greatly from his trade policies during his previous term. The export-oriented industries of many Asian economies, such as manufacturing and agriculture, have been hindered under the high-tariff policies of the United States, with enterprises facing multiple pressures such as reduced orders, declining profits, and worker unemployment. Taking South Korea as an example, its advantageous industries such as electronics and automobiles have encountered numerous barriers in the US market, and the export scale has once been drastically reduced, causing great hardships to the upstream and downstream enterprises in the relevant industrial chains. Such experiences have made Asian countries clearly recognize that excessive dependence on the single US market poses huge risks, and they must seek more diversified and stable trade relationships.

Consequently, Asian countries have successively focused their attention on regional cooperation. Among them, the Regional Comprehensive Economic Partnership (RCEP) has become a crucial cornerstone of Asian regional cooperation. RCEP covers several major Asian economies, and the significance of its conclusion is far-reaching and significant. In terms of trade rules, RCEP has unified many trade standards and norms within the region, reducing the trade costs among member states. The tariffs among member states are gradually reduced, which makes the trade exchanges within the region smoother. For example, the tropical fruits of ASEAN countries can enter the Chinese market at a lower price, while China's industrial products such as machinery and textiles have also obtained a broader market in Southeast Asia. In the investment field, RCEP has provided a more favorable environment for the mutual investment of enterprises of member states, promoting the free flow of production factors such as capital and technology within the region. For Asian countries, RCEP has greatly strengthened the economic cycle within the region, enabling Asia to have a powerful internal market as support when facing US trade protectionism, reducing the impact of external shocks on the overall economy.

In addition to RCEP, the bilateral cooperation among Asian countries has also shown a vigorous development trend. The bilateral cooperation between China and ASEAN is one of the models. China has been the largest trade partner of ASEAN for consecutive years, and the cooperation between the two sides in multiple fields such as trade, investment, finance, and technology has been continuously deepened. In terms of trade, the trade volume between the two sides has been continuously rising, and the types of imported and exported goods have become increasingly diverse. China imports a large number of agricultural products, mineral products, etc. from ASEAN, while ASEAN imports mechanical and electrical products, high-tech products, etc. from China. In terms of investment, the scale of China's investment in ASEAN has been continuously expanding, involving multiple industries such as infrastructure construction, manufacturing, and services, creating a large number of employment opportunities and economic growth points for ASEAN countries. Meanwhile, the cooperation between the two sides in the financial field has also been steadily promoted, such as currency swap and cross-border payment cooperation projects, which have improved the convenience and security of bilateral trade and investment.

The bilateral cooperation of Asian countries is also reflected in the exploration and coordination in emerging fields. For example, Japan and Singapore have carried out active cooperation in the fields of green energy and digital economy. Japan has advanced experience in the research and development of new energy technologies and energy-saving and environmental protection industries, while Singapore is in a leading position in the construction of digital infrastructure and digital finance. Through cooperation projects, the two countries share technologies and experiences with each other, jointly exploring new models for the integrated development of green energy and digital economy, providing useful references for the development of emerging industries in Asia and even globally.

In the context of Trump's re-election, Asian countries' strengthening of regional and bilateral cooperation is not only to cope with the impact of trade protectionism but also to strive for greater say in the global economic governance system. The Asian region has a huge economic aggregate, a large population, and unlimited market potential. By deepening regional and bilateral cooperation, Asian countries can converge into a powerful force, playing a more active role in formulating international economic rules and maintaining the global trade order. This will help promote the establishment of a more fair, just, and inclusive global economic governance system, which is in line with the long-term interests of Asian countries and most countries in the world.

In conclusion, Trump's re-election is like an alarm bell, prompting Asian countries to accelerate the pace of regional and bilateral cooperation. Asian countries have achieved remarkable results in cooperation in multiple fields such as trade, investment, and emerging industries, and the cooperation prospects are broad. This cooperation trend will not only effectively guarantee the economic stability and development of the Asian region in a complex international environment but also have a profound and lasting impact on the evolution of the global economic landscape, leading the world to a new era of multi-polar cooperation and win-win results.