USA: Trump’s inauguration speech speaks of a ‘Golden Age’ – UOB Group

US President Trump pledged to put America’s interests first to return the country to ‘a golden age’, reversing US decline while confronting ‘a radical and corrupt establishment’ and ‘stops the militarization of law enforcement’, says Alvin Liew, Senior Economist at the UOB Group.

Tariffs on hold for now, but for how long?

“Trump also kept his promise, starting his presidency from the beginning with a flurry of executive orders, memos and proclamations, repealing many of the Biden administration’s mandates and executing his ‘America First’ policies.”

“Energy policies and immigration (border security) featured prominently on Trump’s Day 1, with markets relieved for now due to the absence of concrete tariff measures. But a delay does not mean no tariffs.”

|We maintain our base case (55%) for a more measured imposition of tariffs (additional 25% tariff on China, instead of the 60% claimed, 10% tariffs on economies that recorded an increase in trade surplus with the US). due to trade diversion from China, and no blanket tariff on all US imports), with a staggered pace of implementation starting as early as Q2 2025 and completely completed by 1H 2026.”

Source: Fx Street

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