It is just more than a year since Donald Trump was inaugurated for his second presidency of the US on January 20 2025.
I do not need to remind Business Day readers that one of the main aims of Trump‘s presidency has been to “Make America Great Again” or Maga, as the “America First” policy is widely known. But how has the president delivered on this goal so far?
One of the main features of Trump’s economic tools to prioritise US interests on the global stage has been the use of robust tariffs in international trade. The chaos that followed the threats of their implementation at seemingly extortionate rates caused a US stock market crash in April 2025, forcing a moderation of the proposals.
Trump has often backtracked on the magnitude of proposed tariffs, and other threats, when spooked by the market, such as insisting the US would obtain Greenland by any means necessary, only to climb down at Davos. This has led to an acronym that defines his presidency: “Taco,” or “Trump always chickens out”.
It has compromised the US’ image of power due to a lack of follow-through when the realities of global diplomacy norms, or the unassailable power of the global stock market forces, moderate his threats.
While Maga may, in fact, prove Taco to be true on the global stage regarding Nato countries, it has been more forceful in the Global South with countries such as Venezuela, the president of which was abducted at the beginning of the year. Or in Gaza, where Trump has proposed to install a UN proxy called the “Board of Peace”.
Maga is also assertive domestically, where the introduction of Immigration and Customs Enforcement (ICE) agents on the ground to deal with alleged illegal immigrants has seen brute force applied to civilians, has resulted in anti-Trump marches across the US and a marked decline in international travel to the US.
The US lost $12.5bn in international visitor spending in 2025, the World Tourism Council estimates. The BBC reported that of 184 nations analysed in the survey, the US was the only country expected to see a decline in international visitor spending this year.
International travellers have been spooked not only by unrest on the ground in the US, but also by crackdowns on freedom of speech and subsequent visa refusals. Many people, including those from the EU, have been refused entry to the US due to politically contentious messages on their phones or historical social media posts. Many people who have to travel to the US have been nervous about doing so over the past year.
Considering all this, calls are growing for a boycott of the Fifa Soccer World Cup, which is due to be held in the US later this year. In addition, the disarray in the US higher education sector will also affect international student numbers as the US becomes a less desirable location for further study.
Meanwhile, Trump‘s attacks on Federal Reserve chair Jerome Powell have spooked markets, contributing to dollar weakness over the past month. Investors are increasingly worried about the central bank’s independence.
Middle powers
With the fading allure of the US for travellers and businesspeople, and its economic and cultural institutions wobbling under Maga, other countries are stepping up to fill the power vacuum.
As Trump’s announcements become more controversial at multilateral forums such as Davos, ambitious leaders from middle-power countries such as Canada have stepped into the breach.
China has also felt emboldened to make public its ambitions to increase the importance of the renminbi in the global monetary system, and as a reserve currency.
One year in, as Maga struggles to find its coherent through-line, the world order is reconfiguring in alignment with the East.
• Dr Masie is a visiting senior fellow at the London School of Economics’ Firoz Lalji Institute for Africa.
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