Liberation Day
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What does President Trump’s “Liberation Day” inauguration speech say about tariffs and trade?
Joe Biden has left Washington. Now it's President Trump who's in charge on what he has declared Liberation Day, promising a more dominant America, a manufacturing nation fueled by domestic energy, with a strong military, a national emergency on the southern border, and perhaps the best kept surprise astronauts on Mars. But what about the tariffs? He talked about them, but are they his first priority? It's Tuesday, it's the 21st of January. twenty twenty five. It's the morning call from Nab. Good morning. Well, a sharp fall in the US dollar today. It's down naught point nine percent on the DXY. That's helped the Aussie up over one percent to almost sixty-two point six US cents. The euro are also up one percent.
The same for the pound. The yen is up just naught point three percent. US bond markets, of course, are closed and small moves elsewhere down one basis point for ten year yields uh in uh Germany and France, for example. Uh the share market also closed in the US, but in Europe equities were up. The Euro Uh stocks fifty gained naught point three percent, the FTSE one hundred up naught point two percent, the DAX up naught point four percent, but really we're not looking at big moves anywhere. And oil, well that's well down, perhaps uh because America intends to drill a lot more of it. I don't know.
How are global currency markets reacting to the news of possible tariff delays?
Uh WTI is down one point seven percent, Brent has lost one point uh one percent down below eighty a barrel now. So as we record this, Donald Trump has given his inaugural speech. Uh he is now making a number speech to the uh what he's described as the better looking overflow crowd, uh not those in the retunda but uh those uh who weren't able to fit in. Uh these are some of his closest supporters. Let's look at what was said and what it could all mean with Taylor Newton from NAB in Melbourne. So I mean there has been some response that perhaps he's not gonna introduce tariffs from day one. Uh at least that certainly has been the uh expectation. He didn't um he I mean he did talk about overhauling the trade system to uh with tariffs and tax for foreign countries.
Uh but look, you know, it wasn't uh it wasn't an executive order he said had been definitely signed or would be signed. So I guess markets have responded a little bit to that and had done because there's a Wall Street Journal article uh ahead of that as well.
Yeah, good good morning, Phil. So yeah, the market the market movements over well, you know, while Trump was speaking, while he was giving that inaugural adversary reasonably muted, worth reminding everyone, of course, that it was a US holiday today for Martin Luther King Jr. Day. So um markets were were closed there. We've got um stocks up a little bit over the day on um on futures there. Um you know, as you say, the the kind of market movements that We've seen we've got a US the US dollar meaningfully lowered down almost one percent on the on the DXY and a fairly broad based move. That move came a few hours before um Trump's inauguration speech, and really the driver was reporting from the Wall Street Journal uh that there are no plans to impose new tariffs in his first day um in office.
Um and some of the detail there, even beyond just the the timeline, might get
What is the proposed “External Revenue Service” and how will it shift tax burdens to foreign companies?
some some reprieve from from day one. We're just around some of the approach um that that might be might be taken. There was a a memo that they have seen uh from from senior advisors uh to to Trump that is you know the plan is a a broad memorandum that it that directs federal agencies to study trade policies. Um there's talk around you know um assessing specific policies and Providing specific options to to Trump, focusing on on some of the some of the the um specific aspects of of trading relationships, as there's discussions of kind of compliance with the previous uh agreement reached with with China. And so all of this really on on balance is, you know, not suggesting that it's going to be a big universal tariff first move.
And yeah. Shock and awe.
And yet he did say, and this is obviously since the Wall Street Journal article, although it's not moved the uh the dollar at all, uh, that uh they're going to replace taxes that consumers pay with taxes that will be paid, taxes and tax that foreign companies and foreign governments will pay.
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Chapters
8 chapters
1
What does President Trump’s “Liberation Day” inauguration speech say about tariffs and trade?
0:01–1:09
2
How are global currency markets reacting to the news of possible tariff delays?
1:09–3:00
3
What is the proposed “External Revenue Service” and how will it shift tax burdens to foreign companies?
3:00–4:49
4
Which energy‑related executive orders does Trump plan to sign on his first day?
4:49–6:34
5
What immigration and border‑security measures are highlighted in the inauguration?
6:34–8:13
6
How might the Panama Canal and other strategic assets be affected by new policies?
8:13–9:22
7
What are the upcoming UK, Canadian and New Zealand economic data points to watch?
9:22–11:11
8
When will the full list of Trump’s executive orders be revealed and what could they mean for markets?
11:11–12:50