Second-Term Trump: Constrained at Home, Unchecked Abroad

AMCHAM held an invigorating briefing for our Penang members on 20 January 2026 with Steve Okun, Founder & CEO of APAC Advisors, on the eve of the one-year mark of Trump’s second term as President.  

Straight off the bat, Steve delivered a candid assessment of the issues at hand after 364 days, the upheaval the global trading system has undergone under Trump, and the shifts we witnessed in 2025  will reverberate across 2026. The session offered members a timely, unfiltered perspective on how shifting political realities in Washington may continue to impact the global economy and on how the midterms will affect US domestic and foreign policy.  

Uncertainties remain in the uncharted waters of an emerging trading system that may no longer be considered global by some.   Businesses need to be on the lookout for what may impact their business models today and those they are designing for the future. Members were highly engaged and enjoyed a robust back-and-forth on topics related to AI, supply chains, and the politics and economics of all of the above. 

Thank you to Steve Okun for sharing his insights and providing members with a clear-eyed view of the challenges and opportunities ahead.