rewrite this title Trump’s First Actions: Which Could Impact the Economy? – NerdWallet

President Donald Trump made hundreds of “day one” pledges while campaigning, but they didn’t all materialize. That said, it’s only the first week of Trump’s presidency and he has a long list of plans he wants to enact in his first 100 days in office and beyond.

On Trump’s first day as president, he made 26 executive orders, in total — a few of which have already been met with legal actions. In one order he pulled back nearly 80 executive orders made by former President Joe Biden, including a recent effort to lower Medicare and Medicaid drug costs.

Trump’s first set of orders run the gamut, but several could impact the economy and your personal finances. Here’s a few that made the cut.

Trump ordered the heads of executive departments and agencies to deliver price relief to Americans. The order listed a number of actions, albeit vague ones, that departments should take to lower costs. That could include:

The order requires department and agency heads to report back within 30 days with updates and then every 30 days thereafter.

Trump signed a number of executive orders aimed at expanding U.S. energy dominance and lowering prices for consumers. Most notably, Trump declared a national energy emergency, which allows his administration to use “emergency authorities” to cut through red tape and expand domestic energy production and transportation.

It’s worth noting that presidents can’t control gas prices. Their policies might have some influence but it often takes years to materialize as domestic companies act on the changes and take into account global market dynamics.

Another of Trump’s executive orders signed Jan. 20 takes steps to open opportunities to extract more of Alaska’s natural resources by:

Another order outlines broad energy policy meant to encourage production and limit regulations. It seeks to:

In other energy-related moves, Trump issued a memo that temporarily stops the federal government from granting new or renewed leases for off-shore wind energy projects. He also pulled the U.S. out of the Paris Climate Agreement.

Trump declared that the Organization for Economic Cooperation and Development (OECD) Global Tax Deal, which went into effect early in 2024, “has no force or effect,” in the U.S. The deal, which Biden arranged with nearly 140 countries in 2021, applied a minimum tax on corporate income in every country where a company operates.

Trump’s action effectively means the U.S. is no longer part of the deal. He also instructed the U.S. Treasury to prepare “protective measures” against countries that plan to or have already instituted tax rules that would impact companies in the U.S.

Trump didn’t yet order mass deportations as he pledged to do on day one, but he did take several executive actions that could impact citizenship, southern border security, as well as the future for undocumented immigrants in the United States. Economists say undocumented immigrants play a critical role in the U.S. labor force. The orders include:

Trump did not impose new tariffs on U.S. trade partners, but he laid the groundwork for future actions.

In a memo, he directed his cabinet to investigate trade deficits, as well as review trade policies and agreements. Trump also called on the departments of Commerce and Homeland Security to look into the feasibility of establishing an External Revenue Service whose primary purpose would be to collect trade-related revenue.

Separately, Trump told reporters he could enact 25% tariffs on Canada and Mexico as soon as Feb. 1. He also said he “may” impose across-the-board tariffs, as he promised during his campaign, “but we’re not ready for that just yet.”