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Donald Trump, the incoming president of America, has pledged to make major executive orders during his first week in office that may affect households’ finances and economy.
Donald Trump, in various interviews, social media posts and speeches, has repeatedly promised to do many things on the first day of his presidency. Trump may not have the authority to enact major changes in policy, like tax cuts, without the approval of Congress. However, he could still use the powers of his presidency to issue orders to the executive.
Trump has promised that he will implement policies of economic significance by Monday, the day after Inauguration.
Deportation of Immigrants
Trump promised that he would launch a mass deportation program. Trump was said to be planning on signing several immigration executive order on day one.
Deportations could have a profound impact on the economy. Builders, such as homebuilders, depend on immigrants to fill their workforces. Removing them would cause a disruption in this vital industry, which could drive the price of housing up.
Tariffs against China, Mexico and Canada
Trump’s economic program has been controversial and central to his platform. He promised that he would impose major tariffs on the first day of office.
“On January 20th, as one of my many first Executive Orders, I will sign all necessary documents to charge Mexico and Canada a 25% Tariff on ALL products coming into the United States, and its ridiculous Open Borders,” Trump published a post on Truth Social in November, the platform that he runs.
The President also threatened to impose a 10% additional tariff on Chinese goods if the Chinese did not take action against fentanyl trafficking.
Mainstream economics believe tariffs increase costs for consumers and cause inflation. Numerous forecasters, including officials at the Federal Reserve, have assumed tariffs will drive up inflation to some extent in 2025, depending on the number of countries and products targeted.
Are We Moving to a Strategic Bitcoin Reserve?
News reports claim that Trump plans to issue an executive order creating an advisory council for cryptocurrency. That could be a first step toward establishing a strategic Bitcoin stockpile, which he had promised to do last year when he spoke at a Bitcoin conference.
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