Donald Trump has been inaugurated as the 47th president of the United States, paving the way for up to several hundred executive orders on Monday upon his White House return for a second term.
Following his November election victory, Trump was sworn in by Chief Justice John Roberts in Washington on Monday.
From rapid energy market reform, clamping down on the US-Mexico border, to creating a Department of Government Efficiency, Trump has already pledged a spate of policies.
Many are set to mark a major backtracking on work done by outgoing President Joe Biden.
"From this moment on, America's decline is over," he said in his first address as president.
"My recent election is a mandate to completely and totally reverse a horrible betrayal, and all of these many betrayals that have taken place, and to give the people back their faith, their wealth, their democracy and, indeed, their freedom."
Over 200 legally binding executive orders are expected to be signed on Monday, dwarfing the 17 penned on Biden’s first day in office back in 2021.
North American tariffs
Previously promised 25% tariffs on Mexican and Canadian imports have drawn widespread attention, not least given the knock-on effect on inflation.
Trump has signalled the sweeping taxes on the US’ largest trading partners for his first day back in the White House, citing drug-trafficking concerns.
Both have alluded to respond, though Trump has hinted towards room for negotiation, including if prices rise too fast.
According to the Wall Street Journal, tariffs will not be introduced on Trump's first day, but rather a memorandum directing federal agencies to access US trade relationships with its neighbours and China will be signed.
Energy sector overhaul
Having sported the “drill, baby, drill” line, Trump’s first day of orders is also expected to kickstart a period of rapid energy sector deregulation and reversal of Biden’s measures to combat climate change.
Emergency powers are set to be invoked allowing Trump to sign off on a string of new drilling, pipeline, refinery, and nuclear reactor projects.
Immigration and border emergency declaration
Immigration has been another of Trump’s focuses, with Monday due to see moves made towards mass deportations and an emergency declared on the US-Mexico border.
Trump previously vowed “the largest deportation program in American history,” through which legal protections for asylum seekers and humanitarian safeguards are expected to be axed.
Under an emergency declaration, Trump is also anticipated to bring in rules effectively banning migrants from entering or staying in the US.
Cryptocurrency and artificial intelligence
Cryptocurrencies, namely Bitcoin, have surged on promises of supportive measures under Trump and Monday could see such measures laid out.
Trump’s previous promises include creating a government Bitcoin strategic reserve and appointing so-called “crypto czar” David Sacks in the White House.
The former PayPal chief operating officer’s role is also set to incorporate artificial intelligence, in line with an expected ramp-up in the technology under Trump.
Further orders
A busy first day back is also expected to see Trump row back on efforts to drive electric vehicle sales, attempt to bring peace between Russia and Ukraine and direct the military to set up an Iron Dome missile defence shield, among many, over which legal challenges are no doubt set to arise.
In terms of equities, Cathie Woods’ ARK Invest noted tax cuts were set to be supportive and that fears over a rapid uptick in inflation could be overstated.
“Uncertainty during the transition could add to the wall of worry that has kept the markets on edge recently,” though effects from the likes of tariffs are set to be “displaced overwhelmingly by tax cuts, deregulation, and dollar appreciation”.