The graphic on the left, 'ESG-Wind Power', is contrasted with the graphic on the right, 'US Flag-Shale Drilling', to depict the clash between global ESG norms and America's pursuit of energy and industrial independence. This composite graphic visualizes the article's theme of a 'norms war' extending beyond the facade of trade wars. Composite by Yonhap News and Hanmi Ilbo.

Table of Contents

① ESG… A Financial Weapon of Globalism

② MAGA's Challenge… "Not a Trade War, but a Norms War"

③ Political Correctness and Elections… How Democracy Was Tamed

④ Election Fraud Discourse… The Cracks in Globalism and Democracy

⑤ Korea's Choice… A Time for Decision Between Two Systems

The Trump administration's MAGA (Make America Great Again) agenda is often framed as a trade war. The tariff hikes initiated during the 2018 US-China trade war captured global media attention, and many experts interpreted them as traditional protectionism. However, the message from the Trump camp went beyond mere tariff conflicts. He repeatedly declared, "The United States will no longer be beholden to global norms," which led to a challenge against globalism and the entire ESG framework.

The core of MAGA is the 'restoration of industry' and the 'restoration of sovereignty.'

Over the past few decades, as the US expanded free trade and global supply chains, its manufacturing base shifted to China and emerging economies. In this process, ESG norms, driven by global financial elites and international organizations, prevented even American companies from freely determining their investment directions. If companies failed to meet standards for carbon emissions, diversity metrics, and social responsibility, they faced difficulties in raising capital in international financial markets, which in turn applied pressure on domestic US politics. Trump began an attempt to dismantle this structure head-on.

Tariff policies were merely superficial tools. In reality, Trump actively supported fossil fuels and nuclear power (pillars of energy independence), and eased environmental regulations to revive the coal and shale industries. This was a policy that rejected the 'E (Environment)' of ESG. He also directly opposed the trend of emphasizing corporate board diversity and PC (politically correct) social norms. He characterized the political correctness demanded by the 'S (Social)' component of ESG as "suppression of industry." He rejected the norms themselves and instead prominently promoted the mantra of "America First."

This approach goes beyond mere economic policy and carries the character of a political rebellion. While the Democratic Party and European progressives promote ESG and globalism as universal values of democracy, Trump views them as external disciplines that undermine American sovereignty. Thus, MAGA has expanded into a political platform of "a movement of the American people against political correctness and globalism." Indeed, many Republican states have excluded ESG funds from large asset managers like BlackRock from their public pension funds and passed 'anti-ESG legislation.' The economic war has directly moved to the political front.

A composite image juxtaposing President Lee Jae-myung (left) and former US President Donald Trump (right). It highlights the contrasting policy stances of Trump's 'MAGA (America First)' and the Lee Jae-myung administration's 'acceptance of ESG and globalism.' Composite by Yonhap News and Hanmi Ilbo.

Invest in an American-Centric Order Instead of Paying 'Tribute'

What is unique about Trump's MAGA approach is that resistance to norms is directly linked to an attempt at capital market independence.

He demanded large-scale investments in the US from countries like South Korea, Japan, and the EU. This was not merely about attracting industry. In a situation where globalist capital controlled capital flows through ESG norms, this was a way to seek capital market independence by directly drawing in funds from allied nations to the US. What the US demanded from its allies was not 'pay up,' but a message to 'invest in an American-centric order instead of global norms.'

In this regard, the frame of trade wars diminishes MAGA. In essence, MAGA is a norms war that rejects the ESG order built by global financial elites and proposes an American-style real economy-centric order as an alternative model. Here, Trump targets not only China but the entire ESG network, encompassing Europe, international organizations, and Wall Street.

However, the issue is not simple. The global financial order is still linked to dollar hegemony, and the US itself cannot operate independently of international financial elites. It is difficult for MAGA to achieve complete independence in the capital markets. Nevertheless, the challenge posed by Trump is clear: "The United States will not be beholden to global norms and will determine its own path."

This challenge also poses uncomfortable questions for allies. Europe is strengthening its ESG order by pushing for CBAM (Carbon Border Adjustment Mechanism) and CSRD (Corporate Sustainability Reporting Directive). South Korea and Japan cannot avoid these norms due to their export competitiveness. Simultaneously, the US is strongly pressuring for domestic investment through the IRA (Inflation Reduction Act) and the CHIPS Act. Ultimately, South Korea finds itself under a dual burden, caught between Europe's ESG order and the US's MAGA order.

MAGA is not simply protectionism but a political rebellion against international norms and a new economic experiment. Whether it will succeed remains unknown, but one thing is clear. This war is a grand test that, beyond the surface-level issue of tariffs, will determine whether globalism, PC culture, and the ESG norms created by financial elites can be dismantled.

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