CH447 | Heir

January 17, 2017.

The official inauguration ceremony of the 45th President of the United States was held.

Perhaps because of the rain, the crowd was smaller than the one at President Obama’s inauguration.

But any emptiness in the stands was more than compensated by the anti-Trump protests erupting across the city. It was far from a quiet atmosphere.

[Trump, step down!]
[Racists have no place in America!]

The protests echoed through the air as I attended the inauguration.

Once the demonstrators were quickly subdued, their shouts began to fade as the ceremony officially commenced.

Thus began the inauguration.

Traditionally, presidential inaugural addresses called for unity and reconciliation. But President Trump was different.

“I have sworn allegiance to all Americans. For decades, we have enriched foreign industry at the expense of American industry! Sadly, our military has been depleted while we’ve poured our resources into supporting other nations.”

Everyone was shocked by Trump’s fiery speech.

Even David, who sat beside me, leaned in and whispered in surprise.

“Is this really okay? It doesn’t sound like an inauguration speech—it feels more like a declaration of war.”

“People won’t be surprised. During the campaign, he said far worse things than this.”

“Still, I’ve never seen an inaugural address like this. Clearly, he’s not a career politician. He isn’t using Washington’s rhetoric at all.”

Washington’s rhetoric?

It wasn’t just different from the rhetoric of politicians—it was far removed from the rhetoric of ordinary people as well.

It was a rhetoric uniquely Trump’s own, and that was precisely why he had been able to become President.

But Trump’s speech didn’t end there.

He launched into even harsher remarks.

“America has used its wealth and power to enrich other nations. One by one, our factories have closed, and our workers have left this land. Our wealth has been redistributed abroad.”

It was a declaration that America would no longer concern itself with the economic growth of other countries.

With even greater force in his voice, President Trump pressed on.

“From this day forward, we are issuing a new decree! To all in power, hear this: A new vision will rule our land—‘America First!’ We will put the interests of American workers and American families above all else!”

At last, the words were spoken.

America First.

President Trump had officially declared a policy stance that prioritized the United States above all else.

“We must protect America from the predatory actions of other nations that steal our products, take our companies, and destroy our jobs!”

It was a clear signal of looming trade conflicts.

It was also a warning aimed at countries that had been exploiting American patents without authorization.

“Only two rules: Buy American, and hire American. If we follow these rules, America can become great again!”

The inauguration speech, which sounded more like a declaration of war, finally came to an end.

Trump’s supporters erupted into cheers, some even moved to tears.

In contrast, foreign dignitaries and business leaders wore troubled expressions, silently contemplating the implications of this dramatic shift in U.S. policy.

***

Two days after the inauguration.

I officially visited Washington at the invitation of the U.S. government.

[U.S. Shipping Conference]

That was the subject of today’s meeting I had been invited to.

It was an open conference attended not only by a large press corps, but also by members of the American shipping industry and the FMC.

The Federal Maritime Commission (FMC).

They were the regulators overseeing America’s shipping sector.

As the authority responsible for monitoring regulations, unfair trade practices, and collusion in freight rates, the FMC was regarded by global shipping companies as nothing short of a grim reaper.

“We will now begin the conference for the benefit of the American shipping industry.”

President Trump’s first official agenda item was the shipping business.

Of course, his number one legislative priority was repealing Obamacare.

But in terms of official conferences, shipping was the very first.

And a “first” meeting naturally drew enormous attention.

It offered a glimpse into the future policy direction of the Trump administration, which explained why so many journalists had gathered to attend.

“As I said in my inaugural speech, I intend to stop America’s wealth from flowing abroad. The U.S. shipping industry has been operating in exactly that way. Let me ask the FMC: what are the volumes of America’s imports and exports?”

“The United States imports the largest volume of goods in the world, and its export volume ranks third globally.”

“Then why doesn’t America have its own global shipping company? Why are we entrusting all of America’s cargo to European or Chinese shipping firms?”

The United States was a nation with an enormous demand for shipping.

It wielded the weapon of being the world’s largest cargo market to dominate the shipping industry.

For that reason, even without owning a global shipping company, America was able to control and regulate foreign shipping lines.

From the perspective of shipping companies, the U.S. was undoubtedly a customer they could never afford to lose.

No matter how large the volumes were on Asian or European routes, they could not compare with the cargo volumes of the North American routes centered on the United States.

“We are continuously monitoring and supervising foreign shipping companies to ensure they operate fairly.”

“What I want is not fairness. I want what benefits America!”

President Trump repeated the words he had spoken in his inaugural address.

He was not asking for a fair distribution of wealth, but for one that favored the United States.

“We cannot take actions that violate international agreements. If we start regulating foreign shipping companies, other nations will begin regulating us in turn.”

“Do you think I’m talking about regulation for its own sake? These foreign shipping companies have formed cartels called shipping alliances, exploiting the system for profit. Because of that, small and mid-sized shipping companies cannot compete fairly. Isn’t that the reason the U.S. shipping industry has failed to grow?”

Trump directly attacked the shipping alliances.

Unilateral regulation would have caused problems. But if America raised the banner of dismantling cartels, the initiative would fall into its hands.

After all, shipping alliances were not operating in a fair manner.

And because the U.S. had no global shipping company of its own, it could raise the issue with even greater confidence.

“It is not against international agreements for foreign shipping companies to form alliances.”

“Then why don’t we form our own shipping alliance? American shipping companies—or foreign companies that invest in the U.S.—could band together and create an alliance.”

President Trump suddenly rose from his seat.

He stretched out his hand toward me and continued.

“Taewoo Shipping has agreed to invest five billion dollars into America’s shipping industry. If Taewoo Shipping and other companies investing in the U.S. join forces with American shipping firms, wouldn’t that be a great benefit to America’s national interests?”

It was a moment when I felt the worth of the money I had spent.

Election campaign contributions and a five-billion-dollar investment in the shipping business.

It was not the kind of sum that could ever be repaid with mere words. But if those words came from the President of the United States, then perhaps it was possible.

“Why is everyone just sitting there? Let’s give a round of applause to the man making such a great investment in America’s shipping industry.”

Caught off guard, I rose to my feet.

As President Trump began clapping, the cabinet members and agency heads attending the meeting followed his lead.

Wasn’t it said that personal broadcasting was becoming popular these days?

I had once wondered why people would sponsor a broadcaster they barely knew. Now I understood.

When the President and his ministers reacted like this, how could anyone keep their wallet closed?

“Taewoo Shipping will continue to work for the growth of America’s shipping industry. We will join forces with small and mid-sized American shipping companies and place great importance on redeveloping outdated ports and harbor infrastructure.”

“Chairman Kim may be running his business in Korea, but he is also an honorary U.S. citizen. Shouldn’t we provide more opportunities to people like him—those who work for America’s national interest?”

“I ask for no greater opportunities. As long as we are given equal footing with the companies in the shipping alliances, that is more than enough.”

Without membership in a shipping alliance, one inevitably faced disadvantages.

But with America’s support, it would be possible to operate a shipping company at least on equal terms—perhaps even in a slightly better position, by securing a share of U.S. import and export cargo.

“Even an entrepreneur investing five billion dollars is asking only for equal opportunity. Do you realize how broken the shipping industry has become? That is why I intend to grant more authority to the FMC.”

“May we ask what kind of authority you have in mind?”

The FMC officials leaned in with interest.

After all, what agency head would object to having their powers expanded?

“I am considering granting the authority to investigate shipping companies. Not just oversight and supervision, but the ability to conduct full investigations. Particularly, shipping companies that threaten America’s national interest would be subject to rigorous scrutiny.”

“If granted investigative powers, the FMC could operate in a much fairer way and truly serve America’s interests!”

Investigative authority for shipping companies.

The FMC, already feared as a grim reaper in the industry, would be handed a new weapon.

If the FMC turned its sights on a company, that firm would no longer be able to do business in the United States. And not even the top ten global shipping giants would be exempt.

“Think only of America’s national interest. We must grow the U.S. shipping industry together with partners like Taewoo Shipping, who contribute to America’s prosperity!”

“I will do my best!”

The meeting was open to the press.

Every statement made in that room was being broadcast live as breaking news.

President Trump had declared his intention to foster America’s shipping industry—and had said outright that Taewoo Shipping would be at its center.

The global shipping companies were surely listening.

After the meeting, we returned to the hotel.

David, who had gone back earlier to wait for us, was the first to raise his thumb in approval.

“Things are blowing up. The Trump administration stirred up a storm by moving to dismantle Obamacare, but their pledge to boost America’s shipping industry is getting overwhelming support. And the press coverage of Taewoo Shipping is extremely positive.”

“So the reactions are already out? It hasn’t even been an hour since the meeting ended.”

“The proceedings were being broadcast live as breaking news.”

Really, how many Americans would oppose strengthening their own shipping industry?
Especially since this was a flagship policy unveiled at the very start of an administration with such sweeping power—naturally, the media was churning out favorable articles.

“What about the response from American shipping companies?”

“Calls are flooding in. Everyone’s eager to partner with Taewoo Shipping. And the stocks of the companies we secretly acquired are all surging.”

We had quietly bought up mid-sized U.S. shipping companies through FinTech Bank and AIG.
To reshape the shipping alliances, we needed American shipping muscle on our side.

“Then it’s time to strike while the iron’s hot. Spread the word that the U.S. shipping firms we acquired will be joining forces with Taewoo Shipping to form a new alliance.”

“Perfect timing! The existing alliances will be in a complete panic.”

A new shipping alliance backed by the U.S. government.
For the existing alliances—none of whom could afford to abandon the North American routes—it was a nightmare scenario.

They would now face a choice: either pour huge investments into the U.S., or join hands with us.

“The tables have turned. Before, it was Taewoo Shipping that had to extend a hand. Now it’ll be the global shipping giants reaching out to us.”

“One already has. Maersk, the number one shipping line in the world, contacted us. Their chairman wants to meet you.”

Of course, Maersk hadn’t earned its place at the top for nothing.
They had become number one by reading the currents faster than anyone else—and acting on them.

And now, that very Maersk was extending its hand to us.