President Donald Trump was sworn in and signed a series of executive orders into action that set forth a dramatic shift in U.S. policy, primarily aimed at reversing actions taken by the Biden administration. The most significant order rescinds 78 Biden-era directives with his "America First" agenda in mind. A regulatory freeze halts new regulations while a federal hiring freeze aims to streamline government operations and mandates that federal workers return to full-time in-person work. Additionally, Trump formally withdraws the U.S. from the Paris Climate Agreement and the World Health Organisation to improve its health sovereignty. Other key initiatives include measures to address rising living costs, restore free speech protections, and tighten immigration controls. Collectively, these actions signal a strong commitment to reshape U.S. policy across various domains, with a main focus being energy independence and national security.

Globally, world leaders are more focused on his plan for trade policies. Trump rejected the idea of a day zero policy on this matter, suggesting a more deliberate approach to his promised trade policies than initially expected. Rather than immediately implementing universal tariffs, he directed federal agencies, including the Commerce Department, Treasury, and U.S. Trade Representative, to investigate long-standing trade deficits and purported unfair trade partnerships. Notably, he considered imposing 25% tariffs on imports from Canada and Mexico, highlighting ongoing issues with illegal immigration and fentanyl trafficking. The administration's emphasis on trade reform extended to China as well, with a directive to assess Beijing's compliance with the "Phase 1" trade deal and explore potential modifications to its Most Favoured Nation trading status.

To the common people, Trump's move on the heavily debated TikTok ban was most significant, signing an executive order to postpone the congressional decision by 75 days. The surprise came after 14 hours of the app going dark for U.S. consumers before being given permission to operate, providing more time for the social media platform to secure U.S. ownership of at least 50% of its domestic operations with potential buyers speculated, including Elon Musk. Meanwhile, international relations saw immediate effects, particularly with South Korea, where acting president Choi Sang-mok expressed hope for more reciprocal bilateral relations while showing concern about the impact of Trump's policies on their $55.7 billion trade surplus and defence cost-sharing arrangements for U.S. troops stationed in the country.

Source: Reuters, NBCC, Investing.com
Photo: Unsplash