As the dust continues to be whipped up into a frenzy on Donald Trump’s tumultuous presidency, we are left to assess the deeper and longer-term impacts of his economic and environmental policies. 

Far from “making America great again,” Trump’s administration has ushered in an era of protectionism, environmental regression, and technological disruption that is setting back the global economy, hindering international climate progress, and causing ripple effects throughout the tech industry.

When Trump introduced sweeping tariffs on steel, aluminum and a wide range of Chinese and Australian goods, he triggered a cascade of retaliation from global trading partners. 

His stated aim was to bolster American manufacturing, but the reality has been far less positive.

US companies, faced with higher input costs and shrinking export markets, have passed those costs onto consumers or moved parts of their supply chains offshore to evade tariffs—ironically undermining the very industries Trump promised to protect.

For the global economy, these moves have exacerbated volatility and weakened the delicate fabric of international trade relationships. 

According to the Peterson Institute for International Economics, Trump-era tariffs cost US companies and consumers tens of billions of dollars annually. 

But beyond America’s borders, the chilling effect has been just as pronounced. 

Countries like Australia, which rely heavily on open access to global markets, found themselves navigating an increasingly fractured trading environment—one where traditional alliances no longer provided predictable protections.

Perhaps even more concerning is Trump’s environmental legacy. 

In a world racing to mitigate climate change, the president’s aggressive support for fossil fuels is nothing short of catastrophic. 

Through a series of executive orders, he rolled back dozens of Obama-era environmental protections, opened up previously protected lands to oil and gas drilling, and withdrew the U.S. from the Paris Climate Agreement. And he is doing the same thing all over again, but worse.

These actions embolden other lagging nations to delay or dilute their own climate commitments, slowing down global momentum at the most critical moment in human history.

For countries like Australia, which are already grappling with devastating climate impacts from bushfires to floods, Trump’s environmental backsliding has compounded challenges. 

His stance offered a fig leaf of political cover to fossil-fuel reliant sectors resisting inevitable transitions, making it harder for progressive industries and policymakers to argue for urgent action.

The technology sector, typically seen as the great driver of innovation and economic growth, was another casualty of Trump’s inward-looking policies. 

Restrictions on skilled migration, intensified visa scrutiny, and anti-globalist rhetoric is allientating much-needed talent from coming to the United States—historically the magnet for the world’s best and brightest minds. 

The result? Other nations, including Australia, Canada, and parts of Europe, are seeing increased opportunities to attract top-tier tech talent, but the global ecosystem as a whole is suffering from the disruption of traditional innovation pipelines.

Moreover, trade tensions with China are having a profound impact on technology supply chains. 

Semiconductor manufacturers, smartphone companies, and software firms are finding themselves caught in the crossfire of an unpredictable geopolitical game. 

Tech giants like Apple, Qualcomm, and even Australian tech exporters face uncertainty about sourcing critical components and accessing key markets.

In the broader sense, Trump’s presidency reveals the fragility of the systems underpinning global cooperation on trade, climate, and innovation. 

In an interconnected world, actions taken within one nation’s borders reverberate far beyond them. Trump’s policies illustrate how quickly a few strokes of a pen can destabilise years of international progress.

Yet, amidst these challenges, there are lessons—and even opportunities. 

The backlash against Trump’s approach has underscored the urgent need for multilateral cooperation, not just in diplomacy but in business strategy. 

Industries and nations alike are realising that resilience requires diversified supply chains, strong alliances, and unwavering commitment to sustainability.

The climate change movement, though set back by four years of American abdication, and being set back even further now, is more determined than ever. 

Companies are still driving change; they are embracing carbon neutrality, investing in renewables, and reimagining business models for a low-carbon economy. 

Australia’s own technology sector, with its strength in clean tech and renewables, stands to benefit enormously if it seizes the opportunity to lead in this new green industrial revolution.

Ultimately, the Trump era serves as a cautionary tale. Protectionism and environmental degradation may deliver short-term political wins, but they erode the foundations of long-term prosperity and planetary health. 

As business leaders, investors, and policymakers, we must ensure that future economic strategies embrace openness, innovation, and sustainability as non-negotiable pillars. 

The cost of failing to do so is simply too great.

Jeremy Liddle is Managing Director of Third Hemisphere, a strategic communications agency focused on financial services, sustainability, and technology.