On Monday, the long-awaited inauguration of the new US president, who for the second time is the Republican candidate Donald Trump, took place. Immediately after taking office, he did not wait long and began making radical changes and initiatives right away. Starting with the withdrawal from the Paris Agreement, the lifting of the TikTok ban and the repeal of the Biden measures, all the way to his own meme coin – let’s recap the main first steps of the 47th President of the USA.
What has Trump revoked?
Withdrawal from the Paris Agreement
One of Trump’s first moves was to once again withdraw from the Paris Agreement – the world’s main climate pact. He described this act as necessary to protect American jobs and the energy sector. He argued that the agreement “unfairly disadvantages American industry and citizens in favour of other countries such as China and India”. The move, of course, did not escape criticism and faced accusations of undermining global efforts to combat climate change. According to a source at The Guardian, the decision could have long-term negative consequences for environmental protection efforts around the world. With the withdrawal, the United States joins Iran, Libya and Yemen as the only four countries not participating in the agreement.
Revocation of Biden’s measures
The Paris Agreement was not the only measure introduced by Joe Biden’s administration that Donald Trump revoked. In total, Trump has repealed nearly 80 executive actions introduced by the previous administration, including the artificial intelligence measure signed into law in October 2023, strict emissions regulation, and renewable energy regulations.
He also criticized the OECD tax treaty that sets a minimum corporate tax rate, which was backed by the Biden administration and negotiated with more than 100 other countries, saying it “has no force or effect” in the US.
Tiktok is no longer banned again
Influencers were in for an unpleasant surprise on January 19 when the ban on TikTok officially went into effect in the US. The very next day, however, the social network was back up and running. Trump signed an executive order postponing the federal ban on TikTok for 75 days, stating that the law is suspended during that time and that companies that work with TikTok will not be held accountable.
New immigration policy and tariffs
Donald Trump also unveiled a new immigration package that includes tougher conditions for entering the country. The move includes accelerated deportations of illegal migrants and stricter border controls. The new president also said he plans to complete the wall on the US-Mexico border, an effort he launched in his first term.
He also reiterated his plans to impose new tariffs on goods from countries that he described as “rogue trading partners”, including China, Mexico and Canada. These measures, he said, are intended to protect American workers and boost the domestic economy.
Trump coin and Melania Trump’s own cryptocurrency
Investors were also entertained by the original way in which Trump decided to monetize the hype surrounding his ascension to his new position. Namely, the president released his own crypto “meme coin”, $TRUMP, which quickly climbed beyond tens of millions of USD in value. Trump, whose campaign was backed by several billionaires with ties to the cryptocurrency industry, said he wanted the US to become the “cryptocurrency capital of the planet”. First Lady Melania Trump has joined his efforts and has also launched a coin called $MELANIA.
Impact on markets
Financial markets, which had been rising after Trump’s election victory in November, reacted mostly calmly to his return to the White House. US markets were closed on Monday for Martin Luther King Jr. Day, so Asian markets were the first to react. Japan’s Nikkei index fluctuated between losses and gains and ended the day 0.3% higher.
Tuesday’s trading day is not yet over, but we have already seen a slight rise in the US indices. The Dow Jones gained 244 points, or 0.6%. The S&P 500 index gained 0.4%, while the Nasdaq Composite was about the same. Several large technology stocks also rose, with Amazon and Alphabet gaining more than 1%.
The dollar, which fell on Monday after the inauguration, regained ground against some other major currencies, including the pound and the euro.
