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Donald Trump is set to be sworn in as the 47th president of the United States on Monday, officially kicking off his second term in office after a historic political comeback from his defeat in 2020.
The president-elect will be sworn in at 12 p.m. ET on Capitol Hill, along with Vice President-elect J.D. Vance. He will then deliver his inaugural address, in which he will outline his goals for the next four years, from the Capitol Rotunda after forecasts of brutally cold weather booted plans for the typical outdoor ceremony.
Much of his vision for the U.S. — and a few other countries — has already been laid out over the last several months and more.
He’s been preparing more than 100 executive orders to start day one of his new administration, according to The Associated Press, with border security a key priority. In the past, Trump has said he wants to close the border, reinstate controversial travel bans, and deport as many as 11 million people. That could destabilize the U.S. food supply chain, which relies heavily on migrant labor, and impact many other industries.
Trump has also outlined plans to immediately begin repealing his predecessor’s executive orders related to background checks for gun purchases and artificial intelligence, which the gun and tech lobbies will likely welcome.
The incoming president wants to make major cuts to green energy initiatives, including the Inflation Reduction Act and federal rules promoting electric vehicles. Trump plans to announce an immediate expansion to oil and gas drilling, although that may not be as simple as it once was, thanks to President Joe Biden’s 11th-hour bid to protect 625 million acres of federal waters.
“We’re going to drill, baby, drill. And I will terminate the Green New Scam and will cut your energy prices in half, 50%, within one year from January 20th,” Trump said in October.
One of the first decisions Trump will be met with is the fate of TikTok, the ByteDance-owned social media platform banned on Sunday despite attempts to save it. Trump, once an opponent of TikTok, changed his mind following a meeting with a billionaire donor and after his campaign employed the app during the election.
Trump will have the ability to put a 90-day freeze on the ban, giving ByteDance time to either close up shop entirely or agree to sell TikTok to a U.S. buyer. Ahead of the inauguration, Trump said he spoke with Chinese President Xi Jinping about TikTok, the U.S-China trade balance, and “many other subjects.” The country’s vice president will attend the inauguration.
A major goal of his first year will be getting Congress to renew his 2017 tax cuts and pass a number of the other tax cuts he’s touted, including an end to taxes on Social Security and lower corporate taxes. He has also floated an agenda that relies heavily on new tariffs, which have become the go-to tool in his arsenal during negotiations.
Trump has threatened universal tariffs of between 10% and 20% on all imports, although those plans may be scaled back. After winning the presidential election, Trump threatened to hit Mexico, China, Canada, the BRICS geopolitical coalition, and the European Union with varying tariffs unless they complied with his score of demands. As he set his sights on acquiring the Panama Canal, buying Greenland from Denmark, and making Canada a U.S. state, Trump refused to rule out tariffs.
“I think tariffs are the most beautiful word. I think they’re beautiful,” Trump said last month. “It’s going to make us rich.”
Tariffs would raise the prices of imported goods, such as food and clothing. Since most companies wouldn’t absorb much of the higher costs, consumers would likely have to pay higher prices for many imported products. According to one analysis of his campaign tax plans, consumers could lose as much as $78 billion in annual spending power.
Besides the looming threat of tariffs, businesses — big and small — largely can’t wait for the next administration.
Bank CEOs are optimistic and forecasting more mergers and acquisitions, tech leaders are getting cozy with Trump, and pharmaceutical giants are already outlining their priorities. Trump reportedly raised a record $200 million for the inauguration, with much of the money coming from business groups scrambling to curry favor or make amends.
“The incoming administration has signaled a more business-friendly approach to policies and regulation, which should benefit the economy and our clients,” Wells Fargo (WFC+1.47%) CEO Charles Scharf said Wednesday.