How Trump is driving Asia to diversify away from US

The Trump administration appears to be breaking from that order, with foreign and economic policies that have challenged U.S. allies, undercut some multilateral institutions and used tactics such as tariffs.

While it is unclear what will eventually emerge, interviews this month with more than a dozen senior bankers, investors and officials based in Asia showed that they are not waiting to find out. They are looking for an 'America plus 1' strategy, which reduces their reliance on the United States going forward.

This search for an alternative was more urgent and widespread than last May, when I first reported such a conversation after a visit to Asia. Strikingly, no one seems to have found an answer. These people said there may not be a viable alternative to the U.S.

market in the foreseeable future.

«We are in a one in 100-year transition,» said Ben Hung, President, International at Standard Chartered. Hung believes the world is becoming multipolar, led by the United States, China and India. «The post-World War II order has changed.»

Citi told me it was fielding record calls from Asian clients on how to navigate through increased geopolitical uncertainty.

The bank said its flows from clients such as companies in areas, including foreign exchange and hedging, were growing at double digits in many emerging trade corridors, such as those between Asia and the Middle East as well as Latin America. Even so, investments into the United States were also growing. In response to questions about this view, Kush Desai, a White House spokesperson, pointed to U.S.