Trump Just Sworn In as 47th US President, And How Are The Media Viewing This Event?

On Monday, January 20, Donald Trump was officially sworn in as the 47th President of the United States at the inauguration ceremony held in Washington, D.C., the US capital.

The inauguration ceremony was presided over by Chief Justice of the United States John Roberts, under whose guidance Trump completed the oath. US Vice President-elect JD Vance was also officially sworn in as Vice President on the same day.

In his inaugural address, Trump promised an America First agenda, focusing on combating illegal immigration, high inflation, and oil exploration—commitments he made during his presidential campaign last year. He announced the establishment of a dedicated agency to impose tariffs on foreign countries but did not mention specific plans to levy tariffs on any particular nation. Instead, he said he would soon comprehensively reform the US trade system. Trump also claimed that the US would take back the Panama Canal, a vital waterway connecting the Atlantic and Pacific Oceans, and assert control over the Gulf of Mexico.

Shortly after Trump was sworn in, the market reacted positively: Although US stocks were closed for the day, stock futures maintained their upward trend after Trump's swearing-in. Dow Jones Industrial Average futures rose by nearly 170 points, while S&P 500 futures and Nasdaq 100 futures each gained about 0.4%.

Bitcoin plunged sharply in intraday trading, falling from above $106,000 to below $102,000, turning negative for the day and later breaking below $100,100 to hit a daily low. Before European markets opened on Monday, Bitcoin had reached an intraday record high of over $100,900.

However, mainstream media may have different opinions: For example, the New York Times feels Trump's speech is more like a State of the Union address, with Democrats standing by and Republicans cheering for his agenda. This seemed to deviate from the traditional inaugural address, which typically pursues lofty and unifying themes, avoids policy details, and leaves them for later discussions. However, Trump continued to focus on his policy agenda.

Meanwhile, Bloomberg thinks the biggest market movement on Inauguration Day came from Trump doing almost nothing. In terms of policy announcements, the speech has so far adhered to the themes outlined during Trump's campaign and in the months following his victory. With investors bracing for immediate tariffs, the new president's lack of immediate action led to a decline in the US dollar and a rise in US stock futures. Any risk of a trade war was seen as favorable for the dollar, as it could hurt foreign economies more than the US and solidify the dollar's safe-haven status. Tariffs are generally seen as a threat to economic growth and businesses, which is typically negative for stocks.

In the words of the Financial Times, the new president said he would declare national emergencies on issues like immigration and energy, empowering the president to quickly implement new measures. As he spoke, the White House announced it would withdraw from the Paris climate accord.

However, Trump did not immediately announce new tariffs but instead planned to issue a memo directing government agencies to assess US trade relations with partners like China, Mexico, and Canada.

Therefore, in their views, this hesitation indicates that his senior advisers are still grappling with how to aggressively tax the US's largest trading partners. However, Trump insisted that tariffs are still coming.