President Donald J. Trump was sworn in as the 47th President of the United States. President Biden delivered a farewell address from the Oval Office, closing out over fifty years of public service. Trump has an ambitious policy program he wants to advance during his first 100 days of office, particularly on trade and tariff policy. In their final meeting of the year, the Federal Reserve announced an additional rate cut, with the pace of easing expected to slow. Treasury Secretary Janet Yellen informed Congressional leaders that the U.S. would reach its statutory borrowing authority (i.e., the debt limit) and will begin using “extraordinary measures”—forecasts suggest Congress has until the summer to act on the debt ceiling or risk a default. House Speaker Mike Johnson (R-LA) has detailed his plans for using budget reconciliation to pass a “big, beautiful bill.” Senate Majority Leader John Thune (R-SD) plans to use another parliamentary procedure, the Congressional Review Act (CRA), to undo Biden administration regulatory actions.
President Donald Trump’s second inaugural address on January 20 emphasized national sovereignty, economic protectionism, and conservative social policies. He portrayed his return to the White House as a mandate to restore American strength, promising to secure the border, reignite energy independence, and reduce government bureaucracy. His rhetoric focused heavily on reversing policies from the previous administration, highlighting plans to end the border crisis, and promised to withdraw from international climate commitments and prioritize domestic manufacturing. One of the most noteworthy pronouncements was his declaration of a national emergency at the southern border, signaling immediate policy changes aimed at immigration enforcement. Trump also vowed to dismantle “woke” policies in federal institutions, eliminate diversity, equity, and inclusion programs, and focus on traditional energy sources by scrapping electric vehicle mandates. Trump also outlined several foreign policy initiatives in the speech. He expressed his intention to regain control of the Panama Canal, citing national security and economic interests. He also proposed the acquisition of Greenland, emphasizing its strategic importance. Trump announced plans to reevaluate trade relations, including the imposition of tariffs on Mexico and Canada, aiming to bolster domestic manufacturing and address trade imbalances. Beyond the speach itself, the inauguration was a unique affair. Due to the extreme cold in Washington, the ceremony was moved indoors to the Capitol Rotunda—the last time a Presidential inauguration was held indoors was for Ronald Reagan’s second inauguration in 1985.
In his farewell address delivered from the Oval Office on January 15, 2025, President Joe Biden closed out half a century of public service, reflected on his administration’s achievements, and expressed concerns about emerging challenges to American democracy. Reflecting on his achievements as President, Biden noted accomplishments in infrastructure development, manufacturing growth, healthcare improvements, and environmental protection. He also underscored efforts in economic recovery and job creation during his tenure. Biden also issued warnings for the American people, cautioning that an “oligarchy” of ultra-wealthy individuals threatens the nation’s democratic principles and emphasizing the dangers of concentrated wealth and power undermining equality and governance. Biden also warned of an emerging “tech-industrial complex,” expressing concern over technology companies spreading misinformation for profit and abandoning fact-checking responsibilities. The latter point directly responds to recent announcements from Meta, the parent company of Facebook and Instagram, that it will end its fact-checking program on social media posts. Biden argued this could infringe upon American rights and destabilize democratic institutions. The President also advocated for reforms in several areas, including tax policy, campaign finance, Congressional stock trading, and introducing term limits for the United States Supreme Court. Biden also stressed the importance of safeguarding democratic institutions and encouraged active civic engagement to uphold America’s core values, underscoring the necessity of vigilance in preserving democracy amid technological and economic changes.
President Donald Trump has pledged to pursue and implement an ambitious program of reforms during his first 100 days of office. Most presidents spend the first days of their administration reversing the policies of their opposite party predecessor through a series of executive orders. Beyond laying the groundwork for his policy agenda, given that Trump is the first president since Grover Cleveland to win a non-sequential second term in office, he is in the historically rare position of being able to reinstate and expand on his own policies from his first term. In the first 100 days, the Trump administration will focus primarily on getting executive branch appointments confirmed by the U.S. Senate and issuing executive actions (see next section) that advance his top campaign promises. In contrast to Trump’s first term, the incoming administration is better prepared to implement the “America First” agenda starting on day one.
On his first day in office, President Donald Trump signed dozens of executive orders addressing his administration’s first priorities and fulfilling several campaign promises. On immigration policy and border security, one of Trump’s key issues, he declared a national emergency at the southern border, ceased the asylum process via the CBP One app, and initiated plans to end birthright citizenship. The President also withdrew the U.S. from the Paris Climate Accord, declared an energy emergency to boost fossil fuel production, and revoked electric vehicle mandates. Trump announced intentions to impose tariffs on Mexico and Canada, as well as several other trade-related measures (see next section). He also took moves directed at the federal workforce, implementing a federal hiring freeze, excluding the military, mandating that federal employees resume in-person work five days a week, and reinstating “Schedule F,” reclassifying thousands of federal positions as “political appointments” to facilitate the replacement of career civil servants. Trump rolled back a number of protections for transgender individuals, terminated diversity, equity, and inclusion programs in the federal government, and defined genders strictly as male and female. He also pardoned approximately 1,500 individuals involved in the January 6 Capitol attack and directed the Department of Justice to dismiss ongoing related cases. He also signed an order delaying the enforcement of the TikTok ban, passed by Congress and upheld by the Supreme Court. These “day one” executive orders, while far less than the 100 orders Trump had pledged to sign immediately upon returning to office, reflect a return to Trump’s “America First” agenda, emphasizing strict immigration control, energy independence through traditional sources, economic protectionism, and conservative social policies.
According to President Trump, “Tariff is the most beautiful word in the dictionary,” and his commitment to tariffs is long and deeply held. The President’s tariff plans focus on protecting American industries and reducing the trade deficit by imposing targeted tariffs on imported goods. Central to his approach is a commitment to addressing perceived unfair trade practices, particularly from countries like China, which he accuses of currency manipulation, intellectual property theft, and subsidized exports that harm U.S. manufacturing. Trump has proposed implementing tariffs of up to 45% on Chinese imports and renegotiating or withdrawing from trade agreements like NAFTA (which is up for a required review in 2026) to secure more favorable terms for the U.S. Additionally, he plans to impose tariffs on companies outsourcing production to other countries and then importing goods back to the U.S. This policy aims to encourage domestic manufacturing, create jobs, and reduce reliance on foreign supply chains. President Trump’s tariff plans for Europe focused on addressing trade imbalances and targeting industries like automotive and agriculture. He proposed tariffs on European cars and goods to pressure the EU into negotiating trade agreements more favorable to U.S. interests.
On January 20, Donald Trump released an order directing federal agencies to study a broad list of trade issues that could eventually launch new tariffs on American adversaries and allies. The order sets a deadline of April 1 or later for various recommendations, a departure from Trump’s promises to impose new tariffs and set up a new agency to gather tariff revenue on his first day in office or soon after. The order directs the U.S. Trade Representative (USTR) to review an existing so-called Phase 1 trade deal with China signed during Trump’s first term to determine whether Beijing is acting in accordance with the deal as well as assess legislative proposals to alter Permanent Normal Trade Relations with China. Trump also directed USTR to commence the public consultation process as part of the United States Mexico Canada Agreement (USMCA), which is up for a review next year. The order also asks USTR and the senior counselor for trade and manufacturing, Peter Navarro, to review the impact of “all trade agreements” to ensure deals favor domestic workers and manufacturers rather than foreign workers. To implement his tariff-focused agenda, Trump has a number of tools and legal authorities at his disposal. The International Emergency Economic Powers Act (IEEPA) grants broad authority during national emergencies to impose trade restrictions or tariffs. Section 232 of the Trade Expansion Act of 1962 allows tariffs based on national security concerns, often applied to industries like steel, aluminum, and critical technologies. Section 201 of the Trade Act of 1974 enables tariffs or quotas to protect domestic industries from injury due to surging imports. Section 301 of the Trade Act of 1974 permits tariffs to counter unfair trade practices by other nations, such as intellectual property theft or subsidies. These tools give the president significant unilateral power to impose tariffs without requiring Congressional approval.
In their final meeting of the year, the Federal Reserve announced a quarter percentage point cut, but the move comes with projections showing sluggish progress in reducing inflation. Notably, while inflation has slowed considerably from over 9% in June 2022 to under 3%, high prices remain a challenge and a source of frustration for consumers. The most recent Consumer Price Index rose 2.9 percent from a year earlier. However, “core inflation,” which strips out volatile food and fuel prices, was more encouraging at easing to 3.2 percent after three straight months of 3.3 percent gains, presenting a somewhat mixed picture. Nevertheless, Trump inherits a complicated economic picture, and the central bank will likely pause its rate-cutting campaign to ascertain the impact of the incoming administration’s fiscal and trade policy moves on the economy. Some policymakers are already sounding the alarm; Richmond Fed President Tom Barkin recently said he expected “more risk on the inflation side,” other economists have expressed concerns that the policy agenda could spark a new bout of inflation in the U.S.
In a letter to lawmakers, Treasury Secretary Janet Yellen wrote, “Treasury expects to hit the statutory debt ceiling between January 14 and January 23.” At which time “extraordinary measures” would be used to prevent the government from breaching the nation’s debt ceiling. Yellen followed up on January 17, informing the Speaker that the Treasury would begin those measures on January 21, the day after President Trump was sworn in.
A debt limit deal struck in 2023 suspended the debt ceiling until January 1, 2025, with a new multitrillion-dollar debt-ceiling level going into effect on January 2. Notably, raising the debt limit doesn’t authorize new spending, but it allows the Treasury to issue new debt to cover spending that Congress has already authorized. So-called “extraordinary measures” typically give Congress several months to pass a new debt-ceiling extension, either with a new date or at a new dollar amount. Observers anticipate that the Treasury will run out of room sometime this summer; if Congress doesn’t act by then, the U.S. could default on its debt. The debt ceiling, which Trump unsuccessfully lobbied to have suspended until 2027 in the year-end continuing resolution funding measure, gives congressional Republicans yet another divisive challenge to contend with in 2025.
House Speaker Mike Johnson (R-LA) has articulated his plans for using “budget reconciliation” to pass sweeping measures that advance President Trump’s legislative priorities. Reconciliation is a legislative process that allows Congress to pass significant policy changes related to spending, revenue, or the debt limit. It allows for expedited consideration, and its use is particularly important in the Senate because it limits the time allowed for debate, prevents the inclusion of non-budgetary provisions, and only needs a simple majority vote for passage (rather than requiring 60 votes to end debate).
The Speaker aims to pass a comprehensive package and have it on President-elect Donald Trump’s desk by the end of April. This “big, beautiful” bill intends to address key Republican priorities, including tax reforms, spending cuts, and potentially raising the debt ceiling. Johnson has expressed a preference for a single, expansive bill over multiple smaller ones, seeking to streamline the legislative process. However, this approach faces challenges within the party. The House Freedom Caucus advocates for a two-bill strategy, proposing significant spending cuts ranging from $361 to $541 billion over the next decade. Their proposal includes repealing certain policies from the previous administration, reducing IRS funding, and imposing work requirements for programs like Medicare and food stamps. In exchange, they would support a $4 trillion increase in the federal debt ceiling. Additionally, Johnson has indicated openness to bipartisan negotiations, especially concerning the debt ceiling, acknowledging the difficulties in achieving consensus solely within party lines. He has not ruled out the possibility of separating the debt ceiling issue from the broader reconciliation package if necessary. Johnson will be challenged to craft a reconciliation package that aligns with Republican priorities, while navigating internal party disagreements and remaining open to bipartisan discussions to address critical issues like the debt ceiling.
Senate Majority Leader John Thune is actively working to reverse several policies implemented during President Biden’s administration and has a “fairly lengthy list” of last-minute Biden regulations that Republicans may try to undo in the coming weeks. The primary strategy involves utilizing the Congressional Review Act (CRA), which allows Congress to overturn recent federal regulations by a simple majority vote. Resolutions are expected initiative efforts to erase Energy Department rules on gas water heaters, Internal Revenue Service (IRS) language on crypto, and a Federal Communications Commission (FCC) regulation on free Wi-Fi hotspots for students. Importantly, the CRA doesn’t give a new Congress blanket authority to undo all of the previous administration’s final rules and regulations. As such, Thune acknowledges challenges in identifying which regulations are eligible under the CRA’s “lookback” period, noting that some rules may fall outside this timeframe. In order to fall within the “look back” period, a rule must be finalized in the last 60 legislative days of this Congress; according to the Congressional Research Service (CRS), that cutoff date could be around August 1. In early 2017, Trump and congressional Republicans used CRA resolutions to erase 16 Obama administration rules. In 2021, Biden and congressional Democrats used the same authorities to repeal three Trump rules.
Department of Defense – The nominee for Undersecretary for Policy is Elbridge Colby. Michael Duffey is the nominee for Undersecretary for Acquisition and Sustainment. Emil Michael is the nominee for Undersecretary for Research and Engineering.
Department of Energy – Darío Gil is the nominee for Undersecretary for Science and Innovation.
Brandon Williams is the nominee for Undersecretary for Nuclear Security and Administrator of the National Nuclear Security Administration.
Department of Homeland Security – Troy Edgar is the nominee for Deputy Secretary. Caleb Vitello has been named Acting Immigration and Customs Enforcement (ICE) Director. Rodney Scott is the nominee for Commissioner of Customs and Border Protection (CBP).
Department of Justice – Aaron Reitz will be the next head of the Office of Legal Policy. Chad Mizelle will serve as Chief of Staff. The Assistant Attorney General for Civil Rights will be Harmeet K. Dhillon.
Department of State – Marco Rubio was confirmed as the Secretary of State. Michael J. Rigas will be the nominee for Deputy Secretary for Management and Resources. Monica Crowley will be the Assistant Secretary for the 2026 FIFA World Cup and 2028 Olympics. Mauricio Claver-Carone will be the Special Envoy for Latin America. Mark Burnett was named the Special Envoy to the United Kingdom, a newly created post. Richard Grenell will be the Presidential Envoy for Special Missions, a new position. Adam Boehler will be the Special Envoy for Hostage Affairs. Steven Witkoff will be the Special Envoy to the Middle East; Morgan Ortagus will be his Deputy. Tammy Bruce will be the State Department spokesperson. Monica Crowley was nominated as the Chief of Protocol. The following Ambassadorial nominees were announced, all of which must be confirmed by the Senate: John Arrigo for Portugal; Kevin Marino Cabrera for Panama; Leah Campos for the Dominican Republic; Somers Farkas for the Republic of Malta; Stacey Feinberg for Luxembourg; Arthur Graham Fisher for Austria; Callista Gingrich for Switzerland; George Glass for Japan; Ken Howery for Denmark; Christine Jack Toretti for Sweden; Peter Lamelas for Argentina; Benjamin Leon Jr. for Spain; Nicole McGraw for Croatia; Daniel Newlin for Colombia; Roman Pipko for Estonia; Joe Popolo Jr. for the Netherlands; Lou Rinaldi for Uruguay; Leandro Rizzuto Jr. for the Organization of American States; Herschel Walker for the Bahamas; Edward Walsh for Ireland; Bill White for the Kingdom of Belgium.
Department of the Treasury – The nominee for Assistant Secretary for Tax Policy is Ken Kies. Alexandra Preate will be Senior Counselor to the Secretary. Hunter McMaster will be the Director of Policy Planning. Daniel Katz will be the Chief of Staff, Samantha Schwab and
Cora Alvi will be Deputies.
Internal Revenue Service – Former Congressman Billy Long (R-MO) is the nominee for Commissioner.
National Aeronautics and Space Administration – Jared Isaacman is the nominee for Administrator.
Office of Management and Budget – Former Congressman Dan Bishop (R-NC) is the nominee for Deputy Director. Ed Martin will be the Chief of Staff.
Social Security Administration – Fiserv CEO Frank Bisignano is the nominee for Commissioner.
U.S. Agency for Global Media – Voice of America (VOA) Director will be former Senate candidate Kari Lake.
White House – Stephen Miran is the nominee for Chairman of the Council of Economic Advisers, a position requiring Senate confirmation. James Blair will be the Deputy Chief of Staff for legislative, political and public affairs. Taylor Budowich will be Deputy Chief of Staff in charge of communications and personnel. Will Scharf will serve as the White House Staff Secretary. Matt Brasseaux will be the Political Affairs Director. Alex Latcham will be the Public Liaison Director. Massad Boulos will be a Senior Adviser to the president for Arab and Middle Eastern affairs. There have been several announcements on National Security Council (NSC) personnel: Alex Wong will be Principal Deputy National Security Adviser; Sebastian Gorka will be the Senior Director for Counterterrorism; the Executive Secretary will be Catherine Keller; Micah Ketchel, incoming National Security Advisor Mike Waltz’s congressional chief of staff, will be Senior Adviser and a Special Assistant to the President; Brian Hughes will be Deputy National Security Adviser for Strategic Communications; Brian McCormack will have a senior role focused on energy policy; Andrew Peek will have a senior role focused on the Middle East. Former Congressman Devin Nunes will serve as Chairman of the President’s Intelligence Advisory Board. The Office of the Vice President has also announced the following appointments: Jacob Reses as the Chief of Staff; Bryan Gray as Deputy Chief of Staff; Ben Moss is Director of Domestic Policy; National Security Advisor is Andy Baker; Abby Delahoyde is the Director of Operations; and William Martin is the Communications Director.
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