Some financial experts and officials in Asia are anticipating a potential restructuring of the economic order established after World War II as a result of President Donald Trump's tariffs and policies. This has prompted a sense of urgency to diversify away from reliance on the United States, although this endeavor is proving challenging.

The post-World War II era was characterized by a global order supported by multilateral institutions like the United Nations, with the U.S. emerging as the dominant force and the dollar as the world's reserve currency. The current Trump administration seems to be departing from this order by adopting foreign and economic policies that challenge U.S. allies, undermine certain multilateral institutions, and utilize strategies like imposing tariffs.

In interviews with various senior bankers, investors, and officials in Asia, it is evident that they are actively seeking an "America plus 1" strategy to reduce dependence on the U.S. market in the future. This pursuit of an alternative approach is more widespread and urgent compared to conversations from last May, indicating a growing concern among stakeholders. However, no clear alternative to the U.S. market has been identified thus far.

The transition underway is being likened to a once-in-a-century shift, with a belief that the world is evolving towards a multipolar landscape led by the U.S., China, and India. Companies like Citi have reported a rise in inquiries from Asian clients seeking guidance on navigating geopolitical uncertainties, with increased business flows seen in emerging trade routes between regions like Asia, the Middle East, and Latin America. Despite this, investments in the U.S. are also on the rise.

The perspective from the White House, as presented by spokesperson Kush Desai, highlights U.S. investment commitments from companies like TSMC and DAMAC in response to President Trump's economic agenda, emphasizing elements such as tariffs and deregulation that aim to benefit American interests.

The ongoing dialogues within Asia stress how the America First approach under Trump could hasten shifts that were already in progress, particularly with China's ascent as the world's second-largest economy. The efforts to counter this growth might be inadvertently impacted by the current administration's policies.