Starting his second term in the White House, Donald Trump seems ready to hit the ground running with plans to cut down on immigration and pump up oil and gas production. Interestingly, he’s stepping back from slapping the anticipated tariffs on inauguration morning, marking a slight deviation from what many expected.
As Trump gears up to take the oath on Monday, his team has announced a blitz of executive orders aiming to meet campaign pledges. These range from bolstering border security to ramping up energy independence in the U.S. According to top aides, Trump is set to announce national emergencies concerning energy—which he hopes will slash gasoline prices—and the border, focusing on new strategies to curb illegal immigration.
One of the top items on his agenda is tackling inflation, though his administration has yet to pinpoint the exact strategies to be deployed. Surprisingly, there won’t be any immediate tariffs, despite Trump’s earlier vows for a broad-based tax on global imports and higher rates targeting China, Canada, and Mexico. His hesitance hints at an internal debate among his advisors on how strongly to target key trading partners with these measures.
In U.S. morning trading, the dollar slipped 1 percent against a collection of six major currencies, setting up its biggest single-day drop in over five months. At noon local time, Trump is set to take the oath as the 47th President of the United States, delivering his inaugural address indoors due to the chilly, subfreezing conditions on Capitol Hill.
Trump’s return to the Oval Office comes with stronger backing from both the public and U.S. businesses, a contrast to his departure in 2021 amid the tumult following his clash with Joe Biden. Yet he faces a towering challenge in fulfilling his commitment to reducing living costs for middle-class families, a promise that played a significant role in his victorious campaign against Kamala Harris.
Addressing reporters on Monday morning, a senior Trump adviser emphasized, “The cost of living is a crucial issue that necessitates decisive action.” Trump’s betting on ramping up domestic oil and gas output to drive this point home. However, many economists are wary, suggesting that Trump’s policy plans—especially further tariffs and immigration crackdowns—might end up fanning the inflation flames instead of dousing them.
