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3 things we learned from Trump's Inauguration Speech

Article By: ,  Market Analyst
Today 6:00 PM

Today Donald Trump has promised a 'new golden age' after he was sworn in as 47th president of the US. He declared that this era “begins right now," adding that America will be respected under his leadership as a "peacemaker and a unifier."

 

Crude oil production clarity

 

"We will drill, baby, drill."

Trump emphasized a push for increased domestic oil production, aiming to lower global energy prices by boosting supply. He added that “we will fill strategic reserves again and export American energy all over the world." By adding that he “will declare national energy emergency” this will prioritize domestic energy production and reduce reliance on foreign oil.

In response, WTI fell to below $76.00 before bouncing back slightly. The lack of a more meaningful drop can be explained away by the fact this was something he had already announced – therefore plans to ramp up exports, and solidifying America's role as an energy superpower, came as no major surprise.

 

 

No mention of crypto in inaugural speech

 

The Trump meme coin was making all the headlines in the last couple of days, but there was n mention of cryptocurrencies by the President. That that caused a bit of reversal in the sector, although the dip on Bitcoin was bought near that $100K level, now turning into support

 

 

Tariffs are coming…

 

…Just not immediately, as was earlier reported by the Wall Street Journal. We saw the US dollar drop sharply, the Canadian dollar, Chinese yuan and the euro all staged relief rallies and index futures extended their gains, all after WSJ reported that the Trump administration won’t impose new tariffs yet. Indeed, when Trump mentioned tariffs, there was no mention of timeline.

 

If anything, he described himself as a "peacemaker and a unifier," which would argue against creating rifts with countries by imposing big tariffs.

 

Still, let’s not take as a sign that he’s softened his rhetoric. Trump said he will “begin overhaul of trade system” and “tariff and tax foreign countries to enrich our citizens" by establishing and 'external revenue service.' Trump’s intentions to reform international trade policies to prioritize American industries and reduce trade deficits could not be any clearer. Tariffs on imports, will direct revenue towards domestic economic growth and infrastructure.

 

 

 

 

-- Written by Fawad Razaqzada, Market Analyst

Follow Fawad on Twitter @Trader_F_R

 

 

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