This moment evoked a sense of déjà vu, recalling the start of his first presidency in 2017, a period defined by trade wars with China, the imposition of sweeping tariffs on imported goods and a dramatic withdrawal from the Trans-Pacific Partnership (TPP), signaling a decisive pivot away from multilateralism.

For nations like Indonesia, it was a reminder of the challenges posed by America’s self-centered economic agenda, such as disruptions to trade partnerships, the imposition of tariffs that impacted key exports like textiles and footwear and the broader uncertainty created by America’s retreat from multilateral agreements like the TPP.

However, Trump didn’t invent prioritizing national interests; what set him apart was his unapologetic, theatrical approach. Unlike his predecessors, who often framed similar policies within collaborative or multilateral contexts, Trump openly dismissed such norms, making his “America First” agenda a spectacle of unilateralism and assertive dominance.

Trump’s speech wasn’t about diplomacy; it was a bold declaration that Uncle Sam is tired of losing and won’t hesitate to flip the monopoly board, rules and alliances be damned. For smaller nations like Indonesia, this means bracing for the economic aftershocks of a protectionist superpower flexing its muscles.

Indonesia’s exports to the US, valued at US$23.28 billion in 2023, are a lifeline for its economy. However, under Trump’s “America First” policies, these lifelines could be severed or taxed into irrelevance, leaving Indonesia scrambling to redirect billions of dollars in trade.

Trump explicitly highlighted his intent to make America’s trade system a cash cow for US citizens, proposing a new "External Revenue Service" to milk foreign countries through tariffs and duties. Such measures directly threaten trade relationships with countries like Indonesia, where key exports such as electrical machinery ($3.46 billion), apparel ($4.36 billion for knit and non-knit combined) and footwear ($1.92 billion) depend on access to the US market.

But hey, who needs fair trade when you’ve got “America First” on repeat like a broken record?

Trump’s speech centered on restoring American sovereignty, a dramatic declaration of independence from what he viewed as exploitative international systems. By focusing on tariffs and withdrawal from global agreements, he underscored his vision of America as a lone wolf, hunting its own interests without compromise.

By declaring that the US would no longer tolerate being "taken advantage of" and doubling down on tariffs to "rebalance" trade, Trump effectively painted a target on the backs of export-dependent economies like Indonesia, whose reliance on global cooperation makes it vulnerable to such shifts.

For instance, during his first term, similar tariffs on textiles and footwear disproportionately impacted export-reliant countries, forcing industries to either absorb higher costs or seek alternative markets, a scenario Indonesia must now brace for.

Indonesia, as a member of the Regional Comprehensive Economic Partnership (RCEP) and a key player in ASEAN, thrives on multilateralism, a sharp contrast to Trump’s isolationist stance. These frameworks not only reduce trade barriers, but also position Indonesia as a linchpin in regional trade dynamics.

In contrast, Trump’s withdrawal from the Paris Agreement on Climate and his focus on unilateral action presents a stark divergence in approach. For Indonesia, this move not only undermined global efforts to combat climate change but also disrupted potential collaboration on sustainable development goals, which are critical for a nation grappling with environmental challenges and economic growth targets.

For Indonesia, the challenge lies in adapting to a global economy reshaped by aggressive protectionism. This means not just diversifying export markets but also doubling down on high-value industries like electric vehicles, where global demand is rising.

Leveraging RCEP and other trade agreements could act as Indonesia’s counterbalance to unilateralist policies, ensuring it isn’t left playing a supporting role in someone else’s narrative.

If Indonesia wants to put itself first, it doesn’t need to copy America’s moves. Tariffs and blame games might work for a superpower, but for Indonesia, the path is more nuanced.

Rather than imposing aggressive tariffs, Indonesia can focus on fostering industries like electric vehicle batteries, enhancing global partnerships and strategically protecting critical resources.

While Trump’s speech promoted unilateral economic dominance, Indonesia’s strength lies in diplomacy and collaboration, even if we sometimes apologize too much for putting our own people first.

Trump’s assertion that "America’s decline is over" and his vision of America’s exceptionalism offer a lesson: Prioritizing national interests doesn’t have to come at the expense of cooperation. Indonesia can take inspiration from this rhetoric to build domestic resilience while maintaining its role as a bridge-builder in the global economy.

The good news? Trump’s “America First” sequel won’t last forever either. The bad news? Indonesia is still cleaning up after the first season; figuring out how to navigate a global economy where every country wants to be the star.

As Trump declared that "America will be a manufacturing nation once again" and emphasized self-reliance, Indonesia must prepare for a world where global supply chains are disrupted by nationalist policies. The emphasis on restoring American dominance in manufacturing and trade underscores the importance of Indonesia strengthening its domestic industries to remain competitive.

So, here’s to Indonesia learning how to prioritize itself, just with a little less bravado and a lot more diplomacy. After all, someone has to keep the global stage from becoming a one-man show, again.

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The writer is a senior vice president at a leading state-owned bank, with extensive experience in banking, capital markets and the oil and gas sector.