The 47th President of the United States Donald Trump earlier today wrapped up an unusual impromptu news conference held in the Oval Office in which he continued signing a ‘blizzard of executive orders’.
Comfortable in almost a freewheeling mode with reporters, in what was more of a casual chat than a press conference, Trump spoke freely about everything from his nationalistic agenda, to China and Russia, energy, tariffs, and even TikTok.
Trump’s casual news conference and move to take action swiftly on his first day back in office is polar opposite to the Biden administration. Trump has also been quick to reverse some of former President Joe Biden’s decisions.
Trump’s withdrawal from the Paris Agreement is a similar move made during his first term, that was reversed by Biden.
“We’re going to make a lot of money from energy,” Trump said to reporters as he signed one of the stacks of executive orders on his Oval Office desk. “We’re going to make a lot of money from tariffs.”
“We’re going to make a lot of money from tariffs”
The Paris Agreement is a legally binding international treaty on climate change. It was adopted by 196 Parties at the UN Climate Change Conference (COP21) in Paris, France, on 12 December 2015. It entered into force on 4 November 2016.
Its overarching goal is to hold ‘the increase in the global average temperature to well below 2°C above pre-industrial levels’and pursue efforts ‘to limit the temperature increase to 1.5°C above pre-industrial levels’. In recent years, world leaders have stressed the need to limit global warming to 1.5°C by the end of this century.
While each country is responsible for developing its own plan to uphold the commitment, Trump has promised to roll back environmental regulations and renewables to expand oil and gas drilling.
Trump flagged issues like an intention to ending the Green New Deal and EV mandates, the creation of a Department of Government Efficiency, while encouraging more domestic energy production with a policy of “Drill, baby, drill!”.
The US President is aiming to place 25% tariffs on imports from Canada and Mexico on 1 February. The USD rose immediately following President Trump’s comments.
Saxo Chief Investment Strategist Charu Chanana says the first few hours of Trump administration have underscored that the policy environment will be dynamic once again, and markets should brace for volatility.
“Clearly, the markets celebrated too soon with tariff threats missing at the outset in Trump’s inaugural speech … (this) respite was short-lived, and the latest announcement on Canada and Mexico tariffs likely to be enacted February 1 reaffirmed that the tariff threat was only delayed and not averted,” Chanana says.
“Still, the absence of any threats on China has kept the hopes of negotiation alive.”
US President Donald Trump is now ordering a review of trade policy before he introduces any tariffs, news that has boosted the Australian dollar, some commodities and the ASX, as reported by Mining.com.au earlier today.
Trump, who is only the second President to win a second non-consecutive term in office, also stated that “all countries take advantage of the US”, something he will seek to rectify during his second and last term.
“We don’t make good deals in the US,” he declared. “I do want the nation to do well.”
Write to Adam Orlando at Mining.com.au
Images: Unsplash
