During his campaign, President Donald Trump made numerous “day one” pledges, though not all came to fruition. As he wraps up his first week in office, Trump remains focused on accomplishing a myriad of goals within his initial 100 days—setting an ambitious agenda for the future.
On his first day, Trump issued 26 executive orders, some of which have already faced legal challenges. One such order reversed nearly 80 executive actions by former President Joe Biden, including a move aimed at reducing Medicare and Medicaid drug costs.
Among Trump’s initial directives, several hold potential impacts on the economy and personal finances. Below are a few notable ones.
Agencies must take action to lower prices
Trump instructed executive departments and agencies to find ways to ease Americans’ financial burdens. Although his order was somewhat vague on specifics, it highlighted possible measures such as:
- Lowering housing costs and expanding supply.
- Eliminating bureaucratic obstacles and excessive practices that inflate healthcare expenses.
- Abolishing unnecessary regulations that increase home appliance prices.
- Boosting job opportunities, particularly for those who have stopped actively seeking employment.
- Removing burdensome climate policies to lower food and fuel costs.
The order mandates that department and agency heads report progress within 30 days, with updates following every subsequent month.
‘Unleash’ U.S. energy production
In pursuit of U.S. energy dominance and reduced consumer costs, Trump signed several executive orders. Most prominently, he declared a national energy emergency, enabling his administration to streamline domestic energy production and transport by cutting through regulatory red tape.
While presidential influence on gas prices is limited, policies can have gradual effects as domestic companies adjust and global markets react.
On January 20, Trump signed an executive order to increase Alaska’s natural resource extraction by:
- Maximizing development on federal and state lands.
- Speeding up permitting for energy and resource projects.
- Prioritizing the growth of Alaska’s liquified natural gas sector.
Another order calls for a broader energy policy, encouraging production and minimizing regulations. It proposes to:
- Expand offshore exploration and drilling.
- Boost production of non-fuel minerals, including rare earth minerals.
- Eliminate vehicle regulations favoring electric over gas-powered options.
- Remove restrictions on consumer goods and appliances like light bulbs and dishwashers.
In conjunction with these efforts, Trump issued a memo suspending federal leases for offshore wind projects and withdrew U.S. participation from the Paris Climate Agreement.
Pulls the U.S. out of global tax deal
Trump rejected the OECD Global Tax Deal, effective from early 2024, labeling it ineffectual in the U.S. This arrangement, brokered by Biden with nearly 140 countries in 2021, set a minimum corporate tax rate across operating countries.
With Trump’s withdrawal from the deal, he directed the U.S. Treasury to devise protective measures against nations introducing tax measures affecting American companies.
No mass deportations yet, but added border restrictions
Though mass deportations promised for day one haven’t commenced, Trump executed several actions impacting citizenship, border security, and the status of undocumented immigrants—vital contributors to the U.S. labor force. These include:
- Declaring a national emergency at the southern border, reinforcing it with barriers and personnel, and granting military authority for border actions.
- Restricting asylum applications at the southern border and pausing the Refugee Admissions Program.
- Ending birthright citizenship for children born to undocumented immigrants. This order contradicts the 14th Amendment, prompting lawsuits from 18 states.
No tariffs, but a close look at trade deals
While Trump didn’t introduce new tariffs on trade partners, he set the stage for potential actions. A memo instructed his cabinet to review trade deficits, policies, and agreements, with further investigation into creating an External Revenue Service to collect trade-related revenue.
Trump suggested to reporters he might implement 25% tariffs on Canada and Mexico by February 1 and hinted at potential across-the-board tariffs, in line with his campaign promises, stating, “but we’re not ready for that just yet.”
