Fidelity: What can we expect after Trump’s first days?

In his inaugural address, Donald Trump promised to create a golden age for American citizens and implement his “America First” program. Among his first actions were signing twenty-six executive orders, including declaring a national emergency on the southern border and energy, announcing a reduction in government regulation, and rolling back seventy-eight of President Biden’s actions and orders.

The most striking announcements were related to immigration and border security – the “Remain in Mexico” policy and the Alien Enemies Act of 1798 were re-enacted, drug cartels are now considered terrorist organizations, and resettlement and other programs for asylum seekers have been terminated.

In the field of trade policy, the White House presented a comprehensive plan based on which it will review various trade relationships, the issue of unfair trade practices and currency policy, re-evaluate existing trade agreements and China’s “Permanent Regular Trading Relationship” (PNTR) status, and may introduce several new tariffs. President Trump later confirmed that a 25% tariff could be imposed on imports from Mexico and Canada from February 1, 2025.

Reducing excessive government regulation was another central theme of Trump’s first presidential campaign. The incoming president announced the creation of a Department of Government Efficiency (DOGE) and froze all new bureaucratic measures and hiring of additional federal employees. America, as per the first agenda, withdrew from the Paris Agreement and the World Health Organization and pledged to regain control of the Panama Canal.

There were no announcements on fiscal policy, as that falls under the purview of Congress.