U.S. trade protectionism likely here to stay, says former Trump chief of staff in Seoul

Mick Mulvaney, former acting White House chief of staff during U.S. President Donald Trump's first administration, said Thursday that U.S. trade protectionism is likely to continue even after Trump's second term.

"Protectionism is going to stay," Mulvaney said during a luncheon hosted by the American Chamber of Commerce in Korea in Seoul, as the global economy continues to be affected by U.S. tariff measures.

Mulvaney said the "America First" agenda is expected to remain a key part of U.S. policy even after the 2028 presidential election, regardless of the outcome, although future administrations may pursue it less aggressively than the current Trump administration.

"America as the leader of free trade is over," he said.

He added that the agenda would continue to shape U.S. domestic politics, foreign policy and global economic relations.

Commenting on the impact of the U.S. conflict with Iran on global energy markets, Mulvaney advised countries and businesses to seek alternative supply chains.

"There are some structural changes to the energy market because of the war. Those aren't going to go away," he said.

Mulvaney said global oil prices could remain above $100 per barrel for several months, emphasizing that the effects of the conflict are unlikely to disappear anytime soon.

"I think the war itself is not going to end soon," he said.

Mulvaney served as acting White House chief of staff from 2019 to 2020. Prior to his appointment to the Trump administration, he served in the U.S. House of Representatives.

Yonhap