Speaking at a luncheon hosted by the American Chamber of Commerce in Korea at the Grand Hyatt Seoul, Mulvaney said protectionism and economic nationalism reflect broader structural shifts that will shape U.S. policy for years to come.
Mulvaney, who briefly served as acting White House chief of staff during Trump’s first term, offered a wide-ranging assessment of the second Trump administration, U.S. foreign policy, trade tensions and the future of the U.S.-Korea economic partnership before more than 120 executives and business leaders. The fireside chat was moderated by AMCHAM Chairman and CEO James Kim.
Drawing on his experience in the first Trump administration, Mulvaney said he sees four long-term trends emerging from Washington that are likely to outlast Trump himself: entrenched protectionism and economic nationalism, growing reluctance among Americans to support prolonged overseas engagement, persistently elevated inflationary pressures and a greater willingness by Washington to intervene in strategic industries and private-sector markets.
“These are not temporary developments,” Mulvaney said.
Asked how Trump views Korea, Mulvaney joked that Trump “doesn't really trust anybody,” adding that the president tends to see even close allies as benefiting from U.S. security commitments.
Mulvaney said Trump evaluates foreign countries largely through two lenses: defense spending as a share of gross domestic product and trade deficits with the United States.
In that context, he said Korea was “not in the really really bad club,” noting that Trump had been more frustrated during his first term with some European countries that he believed spent too little on defense.
At the same time, Mulvaney said Trump understands the geopolitical importance of countries such as Korea, Japan and Australia.
Describing the U.S. presidency as “the most isolated job” in the world apart from perhaps the pope, Mulvaney said the version of Trump portrayed on NBC’s “The Apprentice” closely resembles the real person. Unlike many politicians, he added, Trump is not particularly pretentious.
“His bullshit-meter is really really sensitive,” he said after briefly apologizing to the audience for swearing.
Mulvaney also said Trump prefers doing business with people he personally enjoys being around. He cited Shinzo Abe as one of the foreign leaders who managed Trump most effectively during his first term, saying Abe understood the importance of personal rapport and even played golf with Trump despite being “one of the worst golfers in my lifetime.” Mulvaney added that Trump had been “really upset” by Abe’s assassination.
He contrasted Trump’s first and second presidential transitions, saying Trump did little preparation before his unexpected 2016 victory but spent four years planning personnel and Cabinet appointments ahead of his 2024 return.
Looking ahead to the Nov. 3 midterm elections, Mulvaney said he does not expect the administration’s policy direction to shift significantly even if Democrats regain control of the House or Senate. He also warned that ongoing wars and geopolitical instability are unlikely to ease anytime soon, factors he said will continue shaping the global business environment.
Mulvaney also dismissed claims that Trump’s tendency to leave sentences unfinished reflects mental decline, saying the president has “always spoken that way.”
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