Donald Trump's shadow hangs heavy over the World Economic Forum (WEF) in Davos this week, despite his physical absence. His protectionist policies and "America First" agenda continue to reverberate through global markets, creating both opportunities and anxieties for businesses worldwide.

Trump's influence was felt acutely last year when he addressed the WEF remotely, just days after his inauguration. He used the platform to reiterate his stance on trade, issuing what some interpreted as thinly veiled threats to companies importing into the US. He proposed a choice: build factories within the US or face tariffs potentially raising "trillions" of dollars. This ultimatum sent ripples through international supply chains, forcing companies to re-evaluate their manufacturing locations and import strategies.

The impact on specific sectors was immediate. Industries reliant on imported components, such as automotive and electronics, faced increased cost pressures. Companies like BMW and Samsung, with significant export operations to the US, publicly addressed potential shifts in their investment plans. The threat of tariffs, even if not fully implemented, created uncertainty that dampened investment and slowed global trade growth. Economists at the International Monetary Fund (IMF) cited Trump's trade policies as a contributing factor to the downward revision of global growth forecasts.

Trump's approach, while controversial, has also spurred some companies to invest in US-based manufacturing. This trend, driven by the desire to avoid tariffs and capitalize on potential tax incentives, has led to job creation in certain regions. However, the overall economic impact remains debated, with concerns about the potential for higher consumer prices and reduced competitiveness in the long run.

As world leaders and business executives gather in Davos, the question remains: how will the global economy navigate the challenges and opportunities presented by Trump's policies? The answers will likely shape investment decisions, trade flows, and the future of international cooperation for years to come.