Trump Inaugurated as 47th President
Trump Says a 'Golden Age' Is Beginning as He Seeks to Peel Back Last Four Years
OMAHA (DTN) -- Vowing that America's "Golden Age has just begun," President Donald J. Trump reclaimed the Oval Office with a speech highlighting the failures of his predecessor and pressing to reverse many of the policies of now former President Joe Biden.
"America will soon be greater, stronger and far more exceptional than ever before," Trump said during his address at the U.S. Capitol. He added shortly later, "From this moment on, America's decline is over."
Trump, 78, highlighted several immediate executive orders he is signing on immigration, energy, trade and government bureaucracy. He wants to bring down fuel prices while cutting off illegal border crossings and ending trade imbalances by raising revenues from imports.
TRADE AND TARIFFS
Trump said that he would immediately establish the "External Revenue Service" to collect tariffs and taxes from other countries.
"We will tariff and tax foreign countries to enrich our citizens," Trump said. He added, "It will be massive amounts of money coming into our Treasury from foreign sources."
Contrary to statements made throughout the campaign and transition, Trump opted not to start his inaugural day with a new round of tariffs. Instead, Trump issued a memorandum to examine the U.S. trade relationships with China, Canada and Mexico and report back ways to reduce the trade deficits with the three countries.
Last week, Treasury Secretary nominee Scott Bessent also highlighted in his confirmation hearing that he would press China for not fulfilling its pledge to buy $40 billion a year in agricultural commodities. Bessent said that once confirmed, he would immediately focus on that issue. Chinese Vice President Han Zheng also attended the inauguration and met with Trump's advisers beforehand.
See "Treasury Nominee Bessent Pledges to Press China on Ag Trade Commitments" here: https://www.dtnpf.com/….
ENERGY POLICY
Saying his administration will use all of the powers at its disposal to defeat inflation, Trump declared, "We will drill, baby drill," leading supporters at the Capitol to loudly applaud.
An executive order will declare a "national energy emergency" that is meant to spur more electricity and petroleum production. The orders include opening up drilling in Alaska and reduce some permitting red tape. Trump said the order will usher in more manufacturing. He said the U.S. has the largest deposits of oil and natural gas in the world, "and we are going to use it."
Trump added, "We will be a rich nation again, and it's that liquid gold under our feet that will help us do it."
The average national gasoline price is $3.13 a gallon now, according to AAA, up from $3.08 a gallon a year ago, and 80 cents a gallon higher than January 2017 when Trump first took office.
With that, Trump said his administration would roll back "the green New Deal," of Biden's Inflation Reduction Act and executive orders. Trump said his orders also will put a halt to an EPA rule on auto emissions for vehicles that was set to go into effect in 2027, or the "electric vehicle mandate" as Trump and his supporters have called it.
The move, he said, would save the auto industry and keep a pledge he made to autoworkers. "In other words, you'll be able to buy the car of your choice. We will build automobiles in America again."
IMMIGRATION
U.S. farmers and food companies are among the business interests concerned about how Trump's plans for immigration will affect agricultural workers.
Trump said Monday he is declaring a national emergency and sending military troops to the border with Mexico.
"We will begin the process of returning millions and millions of criminal aliens back to the places from which they came," he said.
Trump also is signing an executive order that ends automatic citizenship to children born to undocumented immigrants. The Trump administration seeks to reinterpret the understanding of the 14th Amendment in the Constitution.
The president also said he will send U.S. troops to the border with Mexico "to repel the disastrous invasion of our country." Trump also will designate Mexican drug cartels as terrorist organizations, opening up new avenues of funds and strategies to stop the flow of drugs into the U.S. Trump is reinstating the "remain in Mexico" policy from his first administration.
"The last four years have created an unconscionable risk to public safety, public health and the national security of the United States due to the Biden administration's border policies," the order states.
PANAMA CANAL
Trump didn't mention Canada or Greenland in his speech, but the president put a spotlight on the Panama Canal and his desire for changes at one of the world's most important avenues for global trade. Trump said the canal was "foolishly given" to Panama when President Jimmy Carter signed a treaty with Panama. Trump said that deal should have never been made.
"We have been treated very badly from this foolish gift that should have never been made, and Panama has promised to us has been broken," Trump said. "The purpose of our deal and the spirit of our treaty has been totally violated."
Trump also pointed out China operates the canal -- a Hong Kong-based company operates two of the canal's five ports.
Trump added, "We didn't give it to China. We gave it to Panama and we're taking it back."
DEI POLICIES
Trump also signed an order to end diversity, equity and inclusion (DEI) programs within the federal government. That will include ending grants meant to promote "environmental justice" for areas that may have been affected by decades of pollution.
The Biden administration had made DEI a priority, which led USDA to create an equity commission and produce a diversity, equity, inclusion and accessibility strategic plan for its 29 agencies and 100,000-plus employees. USDA also had an "Equity Commission" that finished its final report last February.
Highlighting that "national unity is now returning to America, Trump pointed to "young and old, men and women, African Americans, Hispanic Americans, Asian Americans, urban, suburban, rural," all helping his election in swing states. He said, "We set records and I will not forget it."
ECONOMIC NUMBERS
Trump takes office with the unemployment rate at 4.1% nationally, down from 4.7% when he took office in 2017.
Trump pointed to "record inflation" under Biden, though the national inflation rate is 2.9%, but coming down from levels of an annual rate of 7% in 2021, the first year of Biden's term. Inflation under Trump's first term never got higher than 2.3% annually.
The agricultural economy is struggling as commodity prices have waned, though corn prices have seen a recent rally. Since election day, DTN's National Corn Index has moved from $3.92 a bushel to $4.52 a bushel on Monday -- the highest price level since December 2023.
Net farm income, according to USDA's most recent forecast, is pegged at just under $141 billion nationally for 2024, down from a record $193 billion in 2022. Crop receipts have fallen $25 billion in the past year mainly due to lower prices for corn and soybeans. Livestock receipts, however, have risen by $21 billion in the last year.
Chris Clayton can be reached at Chris.Clayton@dtn.com
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