Open the newsletter to watch the White House for free

Your guide to what the 2024 US elections mean for Washington and the world

Donald Trump began his second term as expected: with a flurry of executive orders, memos, promises, musings and feverish rhetoric. The world has had at least a year to prepare itself for the return of the America First agenda to the White House. No one can say they are surprised by this approach, or by most of Trump’s initiatives — as radical and divisive as some of them are. However, the full unleashing of the animal spirits of American capitalism has upset some traditional allies. The world must now decide how to respond to the whirlwind that appears to accompany, if not envelope, Trump’s second administration.

America, too, has a big question to answer. Much of the focus in the opening days of Trump’s new presidency was on the issues that got him re-elected, particularly limiting immigration and cutting what his supporters call “Deep state“, otherwise known as the federal government. He is right to accede to the concerns of the voters who sent him Back to the Oval Office. But how should Americans respond if his opponents fear, as he does, that he will indulge his baser instincts and begin to undermine the pillars of its democracy?

There is a simple answer to both questions: values ​​plus interests. Trump’s withdrawal from Paris climate agreement It cannot, for example, become an excuse for the EU to slow down its decarbonisation agenda; Despite this, it should ease regulatory burdens and simplify its rules.

On the domestic front too, it is time to choose the right battles. US courts should be prepared for a battle royal over Trump’s most controversial initiatives, such as his attempt to end birthright citizenship, which is enshrined in the 14th Amendment.

Trump’s conquest widely confirmed that the era had ended. It has elicited an exhausting response from America’s allies, who see it as intensifying threats to the multilateral order. But it is important to note that many people elsewhere view Trump’s world more positively and like the idea of ​​an inward-looking America. It is also possible that some of his initiatives will have desirable results. It will take more than Trump’s threat of tougher sanctions on Russia to bring in Vladimir Putin To the table To negotiate a just peace agreement in Ukraine. But the president’s blunt — and unexpected — warning this week was a step in the right direction, as well as a reminder of how unpredictability can be viewed as an asset.

More broadly, allies must accept that some of Trump’s prescriptions may prove a much-needed call to action. As in his last term, he urged NATO members to spend more on defense, and this time his support for less regulation, less bureaucracy and lower taxes will force EU leaders to confront a bigger problem on the continent.

These are the early days. The fact that Trump is not starting fresh Trade war with China Or Europe doesn’t mean one won’t run next week. Whatever it unfolds, it’s time for cool heads. Anwar Ibrahim, Prime Minister of Malaysia, She told the Financial Times this week He and other East Asian leaders believed that after an initial period of turmoil, the global trading system would survive. We have to hope he’s right.

Trump is now in His powers risecontrolling both chambers of Congress, with a conservative majority on the Supreme Court and with the winds of reelection following. At home and abroad, it is crucial not to be distracted from the more performative items of his agenda, to accept that sometimes he may be right, but most of all to stand up for what matters. The political capital of second terms can dissipate quickly – if calm and anger prevail.