Ravi Agrawal
Donald Trump is commonly described as transactional. At some level, however, all leaders are transactional. What defines the U.S. president-elect is his unabashed opportunism, often at the expense of values, alliances, and even treaties. For Trump, who co-wrote the 1987 book The Art of the Deal, every transaction is zero-sum, with a clear winner and loser. More than anything else, Trump likes to be seen as a winner, even when he isn’t.
Pundits reflexively see Trump’s nakedly transactional nature as an attribute that might terrify other global stakeholders. The reality is more complicated. States that have come to rely on U.S.-backed alliances will certainly need to recalibrate. Global markets will experience turbulence. But countries and companies will also sniff out opportunities. The ones with the means to do so will look to exploit the president-elect’s tendency to prioritize his self-interest. As Trump begins a second term, world leaders and corporate executives are more prepared than they were in 2016. They have not only learned lessons from his first stint in the White House but also since pored over abundant reporting about Trump’s non-traditional leadership style, his what’s-in-it-for-me mindset, and his reliance on family members for dealmaking.
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