Trump’s First Week: Executive Orders and Their Potential Economic Impact

The First Week of Trump’s Presidency

Throughout his campaign, Donald Trump made promises for his first days in office. Although not all were fulfilled immediately, it’s worth noting that his presidency is just beginning. He has a multitude of plans for his first 100 days and beyond.

Day One Executive Orders

On his first day as president, Trump made 26 executive orders, some of which have already prompted legal reactions. In one significant move, he rolled back nearly 80 executive orders enacted by former President Joe Biden, including an attempt to lower Medicare and Medicaid drug costs.

Trump’s Impact on Economy and Finances

The orders issued by Trump during his first days in office cover a wide range of areas, but many could directly impact the economy and personal finances of Americans. Let’s take a look at some of these orders.

Lowering Prices

One of Trump’s orders directed executive departments and agencies to find ways to reduce costs for Americans. These cost-cutting measures could include lowering the cost of housing, reducing healthcare costs by eliminating excessive bureaucracy, eliminating costly requirements for home appliances, creating job opportunities, and repealing climate policies that increase food and fuel costs.

Unleashing U.S. Energy Production

Trump also signed several orders aiming to expand the U.S.’s energy dominance and reduce prices for consumers. However, it’s worth noting that presidents do not have direct control over gas prices. These prices are influenced by global market dynamics and the response of domestic companies to policy changes.

Leaving the Global Tax Deal

Trump declared that the OECD Global Tax Deal, which Biden arranged with nearly 140 countries in 2021, has no effect in the U.S. This decision essentially withdraws the U.S. from the deal, which imposed a minimum tax on corporate income in every country where a company operates.

No Mass Deportations Yet, But Border Restrictions Added

Despite campaign promises, Trump has not yet ordered mass deportations. However, he has taken several executive actions that could affect citizenship, southern border security, and undocumented immigrants’ futures in the U.S.

Trade Deals Under Scrutiny

While new tariffs have not been imposed on U.S. trade partners, Trump has laid the groundwork for potential future actions by directing his cabinet to investigate trade deficits and review trade policies and agreements.