If Trump does indeed implement very large across-the-board tariff increases, this will be a severe shock to the global economy, including the UK.
Professor Jonathan Portes, Professor of Economics and Public Policy.
06 November 2024
King's academics reflect on the implications of Trump's victory
As the world woke up to Trump’s victory in the US elections, academics at King’s College London shared their reflections on what the result could mean across key policy areas.
King’s academics explored the likely implications of Trump’s return to the White House on topics including the global economy, the war in Ukraine, international relations, US foreign policy, reproductive health and the US political landscape.
On the economy, Professor Jonathan Portes, Professor of Economics and Public Policy, reflected on the potential impact of Trump’s proposed tariff increases.
He continued: "Moreover, the US current fiscal trajectory is unsustainable over the medium term. While a major crisis is unlikely in the short-term, Trump's tax cuts would certainly raise the risk of higher long-term interest rates -which would further damage both the UK economy and our fiscal position."
In his victory speech, Trump claimed that he’s going to ‘stop wars’ and there have been ongoing concerns around continued support for Ukraine under a Trump presidency.
However, Professor Sam Greene, Professor of Russian Politics, said: “Ukraine is unlikely to be the most important thing on Trump’s agenda, and he will quickly find himself embroiled in the push and pull of politics in Washington.
An abject American capitulation to Russia’s ambitions in Ukraine would, of course, be disastrous to American national security and its broader interests. Whether Trump actually cares about that is a different story. But it is also unlikely to win him any political capital in DC, and in fact it is likely to cost him quite a bit, and that’s something he does care about, or at least something he has cared about in the past.
Professor Sam Greene, Professor of Russian Politics
Dr Marina Miron, a postdoctoral researcher in the War Studies Department, also explored how the result could affect the war in Ukraine. She said that official Russian rhetoric emphasised a preference for a democratic candidate due to the predictability of their policies, however "a return of Trump to the White House will undeniably serve Russia's interests."
Russia’s stock market (MOEX) has already shown a positive response in anticipation. Regarding the military dynamics in Ukraine, the current battlefield configuration places Russia in a favourable position should Trump, upon assuming office, push for a peace agreement—one he indicated may involve Ukraine ceding territories to Russia.
Dr Marina Miron, Post-doctoral researcher at the War Studies Department
Reproductive health has been an emotive issue throughout the election campaign, with Kamala Harris fiercely defending reproductive rights in her campaign.
Dr Rishita Nandagiri, Lecturer in Global Health and Social Medicine, reflected on the global impact of Trump’s victory and outlined how we are seeing a rise in ‘anti-gender’ and right-wing political movements globally such as in Poland, Chile, Germany.
She said having Trump as US president increases concerns that it will supercharge these movements globally not just through the fortification of international coalitions like the so-called Geneva Consensus, but also through increased funding for anti-abortion and ‘anti-gender’ efforts globally, whilst simultaneously restricting access to global health funding and aid through reinstating and expanding the Global Gag Rule.
This could have a catastrophic impact on pregnant people’s health – not only abortion seekers – and all reproduction-related healthcare in countries around the world.
Dr Rishita Nandagiri, Lecturer in Global Health and Social Medicine
The election result also raised questions on the future of the US Political landscape and signalled a potential shift of the Republican party to more extreme policy commitments.
Dr Georgios Samaras, Assistant Professor of Public Policy in the International School for Government, reflected on the significance of this outcome.
“Minority groups and those targeted by his culture war fixation will likely face heightened challenges. His mandate now appears to empower him to pursue his most extremist commitments. The difference between 2016 and 2020 is substantial as today’s Trump is more extreme version, surrounded by billionaires and conspiracy theorists likely to advance this agenda.
Dr Georgios Samaras, Assistant Professor of Public Policy in the International School for Government
The impact of Trump’s victory on international relations and global security were also key areas of focus.
Dr Zeno Leoni, Lecturer in Defence Studies and Lau China Institute affiliate at King’s College London, reflected on what the outcome could mean for international relations and security in China, Europe and the Middle East.
He said the Biden administration leveraged relationships with allies in an effort to decouple from and contain China by supporting minilateral initiatives such as AUKUS, the Quad, the Squad, the semiconductor alliances among other things. These were initiatives informed by the principle of friend-showing.
While it is unlikely that the Trump administration will undermine these initiatives – especially since these are mostly aimed at China – there is a chance it will lead the US to withdraw from even more international agreements, reduce engagement with multilateral institutions in which the US has lost influence due to the rise of emerging economies, exert pressures on closest allies within the so-called anglosphere – such as the Five Eyes – to support US containment of China with even greater energy.
Dr Zeno Leoni, Lecturer in Defence Studies and Lau China Institute affiliate at King’s
He also commented on how it might affect events in the Middle East given Trump’s track record in his first term as president when he scrapped the Iran nuclear deal and supported the US embassy in Jerusalem.
“Although the Biden administration has been unable to rein in Netanyahu’s assertive security policy, a Trump administration will be even more inclined to let him and any incoming prime minister in Israel to continue to pursue a military offensive to securitise Israel’s border,” he said.
Dr Russell Foster, Senior Lecturer in British and International Politics, commented on the implications for NATO, and warned: “The future of Western defence is now looking very bleak.”
He pointed out that Trump has publicly voiced his open contempt for NATO repeatedly and even invited invasions of countries who don't meet their spending requirements on defence. He also pointed out that the spending commitments on domestic policies suggest huge funds will have to be diverted from elsewhere, including from defence budgets.
“Trump's victory is very alarming for the future of the alliance. Trump can't withdraw from NATO unilaterally, he needs the approval of Congress (and the House remains in Democrat hands), but Trump doesn't have to withdraw in order to hamstring NATO. Trump isn't necessarily a friend of Moscow, Beijing, Tehran, and Pyongyang; but equally he isn't necessarily a friend of America's western allies.”
Dr Russell Foster, Senior Lecturer in British and International Politics
Trump has said he will give Robert F. Kennedy Jr a major health role during his second term as president.
Antimicrobial resistance is a growing global threat and the development of new antibiotics, vaccines, and diagnostics needs urgent attention and support from the new government, Dr Lindsey Edwards, a Principal Investigator at the Centre Host Microbiome Interactions said.
She added: "The United States is both one of the world's largest producers and consumers of meat and antibiotics, a combination that significantly contributes to antimicrobial resistance. American agriculture is highly reliant on antibiotics, particularly in livestock production, where they are often used to promote growth and prevent disease in densely populated animal environments. This practice, however, plays a role in accelerating the development of antibiotic-resistant bacteria, as frequent and widespread antibiotic use creates an environment in which only the strongest, most resistant bacteria survive and multiply.
"It is imperative that the incoming Trump government recognises the seriousness of AMR and continues to support initiatives aimed at combating this threat."
Dr Lindsey Edwards, a Principal Investigator at the Centre Host Microbiome Interactions
Dr Rhys Bidder, Deputy Director of the Qatar Centre for Global Banking and Finance at King’s Business School, said as the results came in the prices of cryptocurrency assets picked up because of an expectation that a Trump administration will be dramatically more positive for crypto than it had been under Biden or would be under Harris.
Trump's election will likely give a broader boost to crypto in a key market - probably the key market - that many people around the world have been waiting to come alive.
Dr Rhys Bidder, Deputy Director of the Qatar Centre for Global Banking and Finance at King’s Business School
In this story
Related departments
- Faculty of Social Science & Public Policy
- School of Politics & Economics
- School of Security Studies
- School of Global Affairs
- Faculty of Dentistry, Oral & Craniofacial Sciences
- King’s Business School
- Lau China Institute
- Department of War Studies
- Department of Political Economy
- Qatar Centre for Global Banking & Finance
- King’s Russia Institute
- Defence Studies Department
- Department of Global Health & Social Medicine
- International School for Government