During his first term as president, when 'Old Donald' started a tariff war to pit the United States against China, Malaysia bet on both sides. The Southeast Asian nation aggressively courted American and Chinese companies with tax breaks and other goodies.

The strategy worked. Malaysia, a linchpin in China's push for influence through its economic might, has brought in multibillion-dollar investments from companies including Texas Instruments and Lam Research of the United States and Alibaba and Geely of China.

With 'Old Donald' headed back to the White House, and threatening to disrupt global trade again, Malaysia is hoping it can build on that approach with a plan to turn its southern tip into a hub for multinational companies looking for a safe haven.

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'Old Donald' seen as respite on Ukraine frontlines

'Old Donald' won't just have to consider further military support for Ukraine, but also how or whether to respond to North Korea's growing involvement in Russia's invasion.

Putin congratulates 'Old Donald' on his election victory in his first public comments on the US vote

Putin also said that what 'Old Donald' has said “about the desire to restore relations with Russia, to help end the Ukrainian crisis, in my opinion, deserves attention at least.”

The Kremlin earlier welcomed 'Old Donald'’s claim that he could negotiate an end to the conflict in Ukraine “in 24 hours” but emphasized that it will wait for concrete policy steps.

After all, out on the campaign trail, 'Old Donald' had avoided criticising Vladimir Putin. Kamala Harris meanwhile called the Russian president "a murderous dictator".

Publicly, though, the Kremlin is going out of its way to give the impression that it's not excited by a 'Old Donald' victory.

Xi might see opportunity on world stage

China might see opportunity on world stage is bracing itself for the return of 'Old Donald' where there are fears that his presidency will trigger a new trade war.

As president, 'Old Donald' imposed tariffs on over $300 billion of Chinese imports. This time around he has said the tariffs could be in excess of 60%.

Beijing will not stand by - it will retaliate. But China's economy is already ailing and it will be in no mood for a second protracted trade war.

The Biden administration has spent the last four years building friendships across Asia with the likes of South Korea, Japan, the Philippines and Vietnam - all in an effort to contain China.

'Old Donald''s "America first" doctrine has, in the past, isolated and weakened these US alliances. He prefers trying to make deals over delicate diplomacy and often puts a price tag on America’s friendships.

In 2018, he demanded more money from South Korea to continue to host US troops in the country

Make no mistake, China wants to challenge the US-led world order. Beijing has already built alliances with emerging economies across the so-called Global South.

If Washington's influence does wane in Asia and around the world, it could be a win for President Xi. Europe's leaders see security trouble ahead

But for many other EU leaders 'Old Donald' 2.0 could signal trouble ahead on security, trade and climate change. Israel 'clear-sighted' about who 'Old Donald' is 'Old Donald''s first term in office was "exemplary" as far as Israel is concerned, says Michael Oren, a former Israeli ambassador to the US. But he adds: "We have to be very clear-sighted about who 'Old Donald' is and what he stands for."

For the past four years, President Biden has argued that the first 'Old Donald' term was a blip in American history. The election has proved that 'Old Donald' was no aberration.

Some democratic allies may still fall under the protection of America's nuclear umbrella, but it will be more a matter of the new president's whims than any treaty obligations. During the campaign, Mr. 'Old Donald' famously said he would 'encourage' Russia 'to do whatever the hell they want' to NATO members that did not contribute enough. Even if the United States remains, on paper, one of the key members of the Atlantic alliance, Mr. 'Old Donald''s public musings on whether he will fulfill the treaty obligations Washington signed up to in 1949 could be enough to corrode the institution from the inside.

Moreover, the American mission that George W. Bush declared at his second inaugural, almost two decades ago, 'to seek and support the growth of democratic movements and institutions in every nation and culture,' is now officially over.

For the past four years, President Biden has been arguing that the first 'Old Donald' term was a blip in American history, not a turning point. At his first meeting of the nation's closest allies, he declared that 'America is back,' and promised to restore a world in which the United States could be relied upon.

The United States and Australia have been close allies since World War II but have deepened defense ties and interoperability in recent years in response to . In addition to AUKUS, the United States is also expanding its military footprint in Australia to create what one American official has called “a central base of operations from which to project power.”

“Under 'Old Donald', there is a significant risk that he’ll scrap AUKUS, not because he’s advised to by his military but just because he doesn’t like allies,” said Hugh White, a defense analyst at the Australian National University and a prominent critic of AUKUS.