on Tuesday after plunging hours earlier as Trump’s announcements on Monday brought mixed messaging on tariffs and highlighted investors’ sensitivity to headlines about trade policy.
U.S. stock futures rose after bouncing around on Monday as traders digested Trump’s statements on economic policy and trade levies, while European equities eked out small gains.
Trump, 78, is the first president in more than a century to win a second term after losing the White House and the to occupy the White House. The oldest president ever to be sworn in, he is backed by Republican majorities in both chambers of Congress.
IMMIGRATION CRACKDOWN
Trump has made illegal immigration a signature issue since he first entered politics in 2015 and he began a sweeping crackdown on Monday.
Shortly after the inauguration, U.S. border authorities said they had shut down Biden’s CBP One entry program, which had allowed hundreds of thousands of migrants to enter the U.S. legally by scheduling an appointment on an app. Existing appointments were canceled, leaving migrants stunned and unsure of what to do.
Opponents of Trump’s agenda are likely to challenge it in the courts and the American Civil Liberties Union fired an opening salvo on Monday, saying in a federal court filing that Trump’s decision to end the CBP One program removed the only avenue to asylum at the U.S.-Mexico border.
Trump once again withdrew the United States from the Paris climate deal, removing the world’s biggest historic emitter from global efforts to fight climate change for the second time in a decade. This second withdrawal will have a in the U.S. and globally than the country’s first retreat in 2017, analysts and diplomats said.
In other environmental measures, Trump revoked a ban imposed by Biden on along most of the country’s coastlines. The new president is certain to face legal challenges over his authority to do so.
He also said the U.S. would leave the , saying the global health agency had mishandled the COVID-19 pandemic and other international health crises. Berlin would try to talk Trump out of this decision, Germany’s health minister said on Tuesday.
Other orders revoked Biden administration policies governing artificial intelligence and electric vehicles.
He also imposed a freeze on federal hiring and ordered government workers to return to the office, rather than working from home. He also signed paperwork to create a “Department of Government Efficiency”, an outside advisory board headed by billionaire that aims to cut large swaths of government spending.
Trump said he would issue orders to scrap federal diversity programs and require the government to recognize only genders assigned at birth.
Trump vowed to change the name of the Gulf of Mexico to the Gulf of America and repeated his intention to take back control of the Panama Canal, one of several foreign policy pronouncements that have among U.S. allies.
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Reporting by Joseph Ax and Nandita Bose in Washington; Additional reporting by Bo Erickson, Steve Holland, Jeff Mason, Nandita Bose, Doina Chiacu, Stephanie Kelly, Rami Ayyub and Gram Slattery, Writing by Joseph Ax, Andy Sullivan and Frances Kerry; Editing by Ross Colvin, Howard Goller, Raju Gopalakrishnan, Alex Richardson and Timothy Heritage