How we should handle Trump

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How we should handle Trump

Published: 02 Aug. 2024, 13:35 Updated: 02 Aug. 2024, 16:06

Kim Hyun-ki
The author is an editorial writer of the JoongAng Ilbo.

U.S. Republican presidential candidate Donald Trump made shocking remarks last weekend. He attended the Bitcoin 2024 Conference and told people not to sell Bitcoin. He said that he will be the “crypto president" and promised to fire the chairman of the Securities and Exchange Commission, who strictly regulates cryptocurrency, on his first day in office. The remark is a sharp turn from his previous stance. During his first term in office, Trump called cryptocurrency “fake.” In 2021 after leaving office, he said that cryptocurrency was a “credit scam.” What made Trump change his mind completely?

There are two main causes. The first is Trump sneakers. In February, he presented golden sneakers with his initial T and allowed cryptocurrency payment. The sneakers sold out instantly. He was pleased and raved that cryptocurrency has gained vitality. Another reason is Sen. Bill Hagerty. Cryptocurrency payment was his idea. He hosted the conference in his constituency of Tennessee. The former businessman is a member of the Banking Committee and proposed a bill to remove regulations on cryptocurrency. The crypto asset industry approached Trump through Hagerty, and Hagerty changed Trump's mind through their regular weekly meetings. Hagerty persuaded Trump that it was a politically good deal. As Trump was convinced, the pro-virtual currency Trump Super PACs were formed, which donated $230 million to the Trump campaign.

This flow enlightens us on how to approach Trump. Trump can change his mind with a "quid pro quo," and dealing with him requires creative ideas, such as “selling sneakers for cryptocurrency,” to provide perks.

There are rumors in Washington that Hagerty became Japan’s window to Trump. In April, Hagerty arranged a one-on-one meeting between Trump and former Japanese Prime Minister Aso at the Trump Tower. Commenting on Japan’s swift move, the Korean government said, “There is no need to behave frivolously.” That is true. However, it is also true that I am not assured by the latest diplomatic moves of the Yoon administration. It lacks aggressiveness or meticulousness. Aside from feasibility, there is no official who has energy or creative ideas. Perhaps something is blocking them from being so.

Israeli Foreign Minister Shimon Perez asked Prime Minister Ben-Gurion why he always kept Moshe Dayan around despite his tendency to cause trouble. The Prime Minister responded that when Dayan had 100 ideas, 95 are dangerous, three are unrealistic but two are great. Dayan’s creative ideas and Ben-Gurion’s insight to spot them lead to Israel’s leap.

Now, do we have Dayan and Ben-Gurion? The Korean government used Samsung, SK and Hyundai to benefit the United States, but what has Korea gained from the United States diplomatically and domestically? I can’t think of any. By helping Japan’s UNESCO registration of the Sado mine, I thought there may be a big gain. However, the Yoon administration only said it trusts Japan’s actions in the future. He gained nothing, because of a shortage of creativity. Japan is laughing in the back.

I want to share an idea that a key Japanese figure told me while visiting Korea recently. His “secret tactic with Trump” was that after Trump was elected, Yoon Suk Yeol and Kishida, or a new Japanese prime minister, should immediately join hands and visit him at the Trump Tower. It will be hard for them to visit individually, and while diplomats will oppose, they must go and emphasize thoroughly that the Korea-U.S.-Japan alliance is fixed. Instead, bring a concession for a "quid pro quo." There is no way to capture Trump’s heart without paying a price. Whether it works or not is not the primary question. I wonder if such creative ideas are in the works in Korea.