For Australia, a nation that has long balanced its economic ties to Asia with its security alliance with the United States, the second Trump administration represents an unprecedented challenge to its foreign policy. The return of Donald Trump to the White House has ushered in a new era of economic nationalism that threatens to reshape the Asian security landscape. For the newly re-elected Albanese Labor government, this presents plenty of risks. But its decisive mandate also provides an opportunity for Australia to develop greater self-reliance in foreign policy and deepen relationships across Asia.