26 executive orders were signed yestearsay by President Trump on his first day in office. Among them, the immediate withdrawal from the Paris Agreement related to climate change, withdrawal from WHO, and declaring the southern border state of emergency to cope with illegal immigration, and a hiring and regulatory freeze for the U.S. government. As you can see below, this sets a new record of actions on the first day in office. On international policy, perhaps the most important decisions will have to do with trade, where it’s not clear if he will impose tariffs on China, Mexico and Canada, amd what impact could that have on inflation and the cost of living, and what influence he may have to end the Ukraine war. On domestic economic policy, we’re likely to see an uptick in unemployment as the DOGE starts cutting agencies, and therefore jobs, and the debt ceiling will be reached today, which implies a set of emergency measures to guarantee the proper functioning of government. The market so far, seems to be on Trump side, but the expectations are high, which is dangerous, particularly at high valuations and high levels of debt. A new presidential cycle has officially begun.
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