Housekeeping: Good Morning.
“The Gold reset is a process, not an event”
Today
Discussion: Trump’s Inauguration
Premium: Goldman’s Tariff-Tone Comment
Discussion:
Trump’s Inauguration
National Security: Border Emergency and Immigration Crackdown
Market Reaction: Initial Optimism Meets Rapid Recalibration
Energy Policy: Drill Baby Drill is back
Tariffs as Tax Cuts: Reshaping American Trade
Economic Nationalism: Prioritizing Real Production
Bessent’s Comments on Manufacturing (premium)
News/Analysis:
Markets Recap:
Market News: Trump’s Effects
Donald Trump was sworn in as the 47th US President, while President Trump said in the Inaugural Address that the golden age of America begins now and he will sign a series of executive orders as widely expected.
US markets were closed for Martin Luther King Jr. Day, although US equity futures were bid
Trump said he will direct his Cabinet to defeat record inflation and will launch astronauts to Mars
Furthermore, Trump said he will declare a national energy emergency and reiterated his 'drill baby, drill'
US President Trump signed rescissions of 78 Biden-era actions orders and memoranda,
A draft Trump trade memo directed federal agencies to investigate and remedy persistent US trade deficits that harm the US economy and seeks to address unfair trade practices and currency manipulation by foreign countries.
US President Trump’s administration sent a new document to Republican lawmakers detailing immediate priorities and it was stated that Trump will announce the America First Trade Policy.
Geopolitics/ Politics
US President Trump said he will meet with Russian President Putin but doesn't know when and he will try to end the Ukraine war as quickly as possible. Trump added that he could speak to Putin very soon and that Ukrainian President Zelensky wants to make a deal, while he commented that Putin is destroying Russia by not making a deal.
US President Trump said he is not confident regarding the Gaza ceasefire deal, while he rescinded Biden sanctions on Jewish settlers who committed violence against West Bank Palestinians. It was separately reported that Trump was expected to lift the freeze on the supply of one-ton bombs to Israel, according to Walla News.
US presidential adviser Mike Evans said Trump will punish every country that supports Hamas, according to Sky News Arabia.
via Newssquawk
Data on Deck:
MONDAY, JAN. 20 None scheduled, Martin Luther King Jr. holiday
TUESDAY, JAN. 2 1 None scheduled
WEDNESDAY, JAN. 22 U.S. leading economic indicators
THURSDAY, JAN. 23 Initial jobless claimsJan. 18215,000217,000
FRIDAY, JAN. 241 Existing home sales and PMI data1
Final Market Check
Premium: Goldman’s Tariff-Take
Trump’s comments on Canada and Mexico were much more hawkish than the presidential memo on trade- he wants a win
On China-focused tariffs, President Trump’s comments carried a more benign tone than the memo released around the same time- he needs to tread carfully until he gets the first wins under his belt
On the universal tariff, Trump’s comments and his memo on trade policy suggest action is not very likely in the near-term.- It’s insane.. Using Gold and Silver as examples universal tariffs are effectivley sanctions
We agree…
