Donald Trump is holding off on tariffs during his first day and placing a big bet that his executive actions can cut energy prices and tame inflation. But it’s unclear whether his orders will be enough to move the U.S. economy as he promised.
“The inflation crisis was caused by massive overspending,” Trump said in his inaugural address as he suggested that increase oil production would lower prices.
Orders coming Monday, including one tied to Alaska, are meant to ease the regulatory burdens on oil and natural gas production. He also intends to declare a national energy emergency in hopes of jumpstarting more electricity production in the competition with China to build out technologies such as artificial intelligence that rely on data centers using massive amounts of energy.
Trump plans to sign a presidential memorandum seeking a broad-based government approach to bringing down inflation.
President Donald Trump delivered his inaugural address in the Capitol after being sworn in as 47th president …