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Donald Trump has ushered in an era of disruption for the global economy, threatening new tariffs against US allies and moving to dismantle Joe Biden’s domestic and foreign agenda hours after returning to the White House.
In extensive remarks to reporters in the Oval Office on Monday night, Trump Threatening to impose tariffs of up to 25 percent on imports from Canada and Mexico as early as February 1, Currency of the country And US equity futures pushed lower.
The new 47th president of the United States has also threatened Apply tariffs on Chinese imports Up to 100 percent if Beijing fails to agree to a deal to sell at least 50 percent of the TikTok app to a U.S. company, and tariffs on EU goods unless they buy more American oil.
The comments and shock to global markets provided another reminder of Trump’s willingness to engage in high-stakes coercive negotiations to upend the global order and impose America’s will on major trading partners.
The Oval Office comments came hours after Trump used his inaugural address to promise American “decline” and a new beginning. “golden age” The progressive agenda of the Biden administration is based on a dramatic reversal.
The 78-year-old president quickly announced aggressive new measures to curb fossil fuel production, deport immigrants and deliver on the populist and nationalist platform that won him last year’s White House race.
He has rescinded dozens of Biden’s executive orders, from advancing racial equity and authorizing extremist Israeli settlers in the West Bank to strengthening Medicaid and promoting voting access.
The sweeping overhaul also marks the US’s withdrawal from the Paris climate accord and a statement of intent by the world’s pre-eminent right-wing politician, who was elected on a promise to reverse the Biden administration’s agenda.
Trump also announced that he would pardon those convicted of taking part in the 6 January 2021 riots at the US Capitol, when his supporters stormed Congress to violently stop Biden’s 2020 election victory certificate.
The pardon for the rioters itself fueled a remarkable comeback for Trump, who won last year’s election despite becoming the first president to be convicted of a felony and two assassination attempts against him.
Trump’s trade pressure increased during the day. In his inaugural speech, Trump suggested that tariffs are his preferred tool in international economic diplomacy and would be critical to raising revenue for the United States, ignoring the possibility of raising prices for US consumers.
“Instead of taxing our citizens to enrich other countries, we will pay tariffs and taxes to foreign countries to enrich our citizens,” he said.
Trump said a plan to impose a universal tariff on all imports — a measure he touted during his campaign — remains on the table.
Trump spoke in the Oval Office surrounded by key aides, including chief of staff Susie Wiles, policy chief Stephen Miller and Peter Navarro, his top White House adviser on trade and manufacturing policy.
Signaling that a crackdown on immigration remains a domestic policy priority, Trump also signed a national emergency on the US-Mexico border and moved to curtail birthright citizenship for those born on US soil to undocumented immigrants.
“It’s a big one. . . . We’re the only country in the world that does this with birthrights,” he said, although dozens of other countries allow the right.
Trump’s move will almost certainly be challenged in court for violating the 14th Amendment to the US Constitution.
The president also directed the Pentagon to draft a plan to deploy troops along the US-Mexico border.
Trump has also designated drug cartels as foreign terrorist organizations. Sending US special forces to Mexico to get them out “could happen. Strange things have happened,” he added.
Trump declined to say whether Immigration and Customs Enforcement would begin raids in major cities Tuesday to detain undocumented immigrants. “I don’t want to say when, but it will happen, it has to happen, or we won’t have a country.”
Among his foreign policy pledges, Trump said the United States would take back control of the Panama Canal and “build the most powerful military the world has ever seen,” even as he pledged to end the wars in Ukraine and the Middle East, which he said he would be a. “Peacemaker”.
