What has President Trump done so far? (From Tariffs to TikTok!)

Past presidents, celebrities, hyper-billionaires (including one that performed a controversial salute), the Village People. It has been an exciting last 24-hours leading up to and immediately following President Trump’s inauguration.

Putting the Village People aside, perhaps the most important news coming out of this historic event is the fact that the 47th President of the United States wasted absolutely no time in implementing his controversial agenda.

Promising a new “golden age” for America, President Trump used his inauguration address to outline a series of policy actions that he plans to implement immediately. Here’s a broad overview of the key items he outlined:

Tariffs and trade

• Announced 25% tariffs on Canada and Mexico effective from February 1.
• Left open the possibility of a universal tariff but indicated he is not yet ready to proceed with it.
• Threatened tariffs on Europe unless it increases purchases of American oil.
• Planned to sign a memo directing federal agencies to investigate US trade deficits and unfair trade practices.
• Did not commit to tariffs on China, stating he would first hold meetings and calls with President Xi Jinping.

Executive orders signed

• Declared a national emergency at the southern border.
• Ordered federal workers to return to their offices.
• Rescinded existing regulations related to Artificial Intelligence.
• Withdrew the United States from the Paris Climate Accord and the World Health Organization.
• Rolled back initiatives aimed at promoting electric vehicle adoption.
• Removed restrictions on oil and gas drilling.

TikTok ban delay

• Directed the Attorney General to postpone the TikTok ban or sale deadline by 75 days.
• Warned that he could impose tariffs on China if it fails to agree to a deal.

How have markets reacted so far?

No doubt there will be more to come in the following days and weeks, and no doubt there are likely to be substantial ramifications for the US and global economies. US markets were on break on Monday for the Martin Luther King Jr. Day and the inauguration and will return to trade this evening local time.

S&P 500 futures were trading around 0.3% lower before the inauguration address, and are around 0.2% higher at the time of writing. This suggests the market’s initial response to President Trump’s rhetoric and actions so far is positive. So far so good, but it’s likely that like the new President's policies, markets are likely to be volatile going forwards.

This article first appeared on Market Index on Tuesday 21 January 2025.