iscover
Inauguration comments made by newly re-elected President Donald Trump have further solidified expectations that widespread international tariffs will be applied by the new US administration.
President Donald J Trump paid close attention to the immediate and forceful return of wealth back to the United States of America, in his inauguration address as the nation’s 47th president today.
The 60th inaugural swearing-in ceremony was held earlier today inside the Capitol Rotunda, with Supreme Court Chief Justice John Roberts administering the oath of office and Vice President JD Vance sworn in by Supreme Court Justice Brett Kavanaugh.
Former US presidents Joe Biden, Barack Obama, George W Bush and Bill Clinton attended alongside former Vice President Kamala Harris, current Congress and Supreme Court members.
“America will be a manufacturing nation once again, and we have something that no other manufacturing nation will ever have: the largest amount of oil and gas of any country on Earth. And we are going to use it,” President Trump said in a passage of the speech.
“We will bring prices down, fill our strategic reserves up again, right to the top, and export American energy all over the world. We will be a rich nation again. And it is that liquid gold under our feet that will help to do it.
“I will immediately begin the overhaul of our trade system to protect American workers and families. Instead of taxing our citizens to enrich other countries, we will tariff and tax foreign countries to enrich our citizens.
“For this purpose, we are establishing the External Revenue Service to collect all tariffs, duties and revenues. It will be massive amounts of money pouring into our Treasury coming from foreign sources.”
US analysts have speculated that the new president may sign as many as 100 executive orders during his first day in office to get the ball rolling quickly on managing operations of the federal government.
Those orders may feature changes to expand US oil production, benefit the expansion of domestic vehicle manufacturing, disrupt illegal migration through the country’s southern border and impose international trade tariffs.
Australian officials have previously speculated that the AUKUS trilateral alliance and a track record of positive trade relations might allow Australia to avoid any incoming import and export tariffs.
“In terms of the economic relationship, obviously, the President’s speech today reiterated the same point he’s made throughout his campaign about America first and how that will play into economic policy,” said Australian Foreign Minister Penny Wong, who travelled to Washington DC for the US President’s inauguration, speaking to Radio National Breakfast on 21 January.
“What I can tell you is what I have been saying since I’ve been here in Washington to those I meet, is that we have a relationship, a very strong economic relationship with the US, that the US has a surplus with Australia and has had since President Truman’s time.
“It’s about two to one in America’s favour. And about half of Australia’s exports to the United States, in fact, go into America’s supply chain. So, this is a relationship of great economic benefit to the United States.”
