UBS notes that Donald Trump was sworn in as the 47th president of the United States, and in a wide-ranging inaugural address, he made commitments on issues ranging from free speech to ownership of the Panama Canal.

“From an economic perspective, the agenda he presented was consistent with his campaign and campaign promises, with pledges to reduce inflation, boost energy production and impose tariffs on imports. The president announced and signed a flurry of executive orders and other actions, some of which recalled Biden-era actions and others focused on campaign promises around environmental policy, energy, immigration and borders, and government efficiency. Trump has ordered the US government to withdraw from both the Paris Climate Agreement and the World Health Organization,” the House explains.

Trump’s most tangible trade-related actions came in the form of a memorandum instructing federal agencies to investigate persistent trade deficits and address unfair trade and currency policies of other countries, with a report due by April 1. The memo singled out China’s compliance with the 2020 trade agreement and the US-Mexico-Canada Agreement (USMCA), which is due for review in 2026. It also cemented the US withdrawal from a global minimum tax agreement and framed any “additional” tax imposed by other nations in retaliation.