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Speaker 1: Bloomberg Audio Studios, podcasts, radio news. At around noon Eastern,

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Speaker 1: Donald Trump was sworn in as the forty seventh US president,

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Speaker 1: shortly after he made his second inaugural address. He stood

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Speaker 1: not on the National Mall as he did in twenty seventeen,

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Speaker 1: but in the capital Rotunda. The inauguration proceedings had been

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Speaker 1: forced indoors due to extreme cold weather in Washington. Surrounded

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Speaker 1: by Republicans and Democrats, including some of his most outspoken critics,

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Speaker 1: Trump took the stage, thank you very very much, and

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Speaker 1: while he painted a picture of America in chaos and decline,

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Speaker 1: we now.

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Speaker 2: Have a government that cannot manage even a simple crisis

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Speaker 2: at home, while at the same time stumbling into a

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Speaker 2: continuing catalog of catastrophic events abroad.

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Speaker 1: He claimed to be a unifier and a peacemaker.

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Speaker 2: The entire nation is rapidly unified behind our agenda, with

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Speaker 2: dramatic increases in support from virtually every element of our society.

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Speaker 1: And promised that a new age for the country was

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Speaker 1: starting under his administration.

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Speaker 2: The Golden Age of America begins right now. From this

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Speaker 2: day forward, our country will flourish and be respected again

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Speaker 2: all over the world.

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Speaker 1: He also outlined the policies he planned to prioritize immediately,

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Speaker 1: from executive orders on immigration and energy to trade negotiations

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Speaker 1: and taxes. To Peggy Collins, Bloomberg's Washington, DC Bureau chief,

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Speaker 1: the language in Trump's remarks about unity and division, peace

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Speaker 1: and disorder, paired with these priorities, set up the key

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Speaker 1: questions that will define his presidency.

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Speaker 3: How do the policies are the economy, immigration, energy, reshaping

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Speaker 3: of the federal government. Do they end up being ones

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Speaker 3: that do make America more unified, more confident, more proud,

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Speaker 3: or do they further some of the fractions and partisan

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Speaker 3: nature that we've seen built over the past few decades

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Speaker 3: here in the US.

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Speaker 1: Today, on the show, its inauguration Day. What Trump's speeches

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Speaker 1: at the Capitol can tell us about what to expect

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Speaker 1: from him and his administration in the coming hours and

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Speaker 1: days and across the next four years. This is the

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Speaker 1: big take from Bloomberg News. I'm Sarah Holder, Peggy. We're

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Speaker 1: talking at around two thirty pm on Monday. We just

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Speaker 1: watched Donald Trump get sworn in as the forty seventh

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Speaker 1: president of the United States. When Trump gave his inauguration

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Speaker 1: speech today, what stood out from your seat in Washington.

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Speaker 3: I think a couple of things stood out. I think

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Speaker 3: the fact that Trump really was leaning into the fact

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Speaker 3: that he had a mandate and felt like that mandate

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Speaker 3: was a signal that he could turn the country into

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Speaker 3: a more unified nation. And that also he really felt

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Speaker 3: that that mandate that he got winning all seven swing

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Speaker 3: states the popular vote, a range of voters who he

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Speaker 3: thanked in terms of black voters, Hispanic voters.

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Speaker 2: Black and Hispanic communities. I want to thank.

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Speaker 1: You auto workers, and thank you.

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Speaker 2: To the auto workers of our nation for your ins.

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Speaker 3: That is something that he really called out to as

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Speaker 3: a way of saying that he had the mandate to

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Speaker 3: move forward on a couple of main fronts. And we

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Speaker 3: saw him really call out immigration and the border as

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Speaker 3: an issue that he felt unified voters toward him, and

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Speaker 3: that was one of the things that he said he

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Speaker 3: was going to act on first and foremost as he

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Speaker 3: takes the first day or two of his second term

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Speaker 3: as president of the US. I think another thing that

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Speaker 3: really stood out to me was this idea of national

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Speaker 3: security and national emergencies as a couple of the governing

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Speaker 3: principles of how they are actually going to put their

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Speaker 3: policies in place and get things done. Another example of that,

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Speaker 3: in addition to immigration and border security, is what they

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Speaker 3: announced in terms of energy and calling it really a

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Speaker 3: national emergency action to drill more because that will give

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Speaker 3: us more strength abroad. As Trump is saying from his

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Speaker 3: point of view.

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Speaker 2: Today, I will also declare a national energy emergency. We

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Speaker 2: will drill, baby, drill.

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Speaker 1: What kind of tone did Trump take on that stage today?

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Speaker 3: Well, in terms of his inaugural address on Capitol Hill,

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Speaker 3: because it was inside due to the frigid cold here

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Speaker 3: in DC, so his first address to the nation really

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Speaker 3: this morning had a bit more of a solemn tone.

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Speaker 3: The speech really he reminded me of when we were

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Speaker 3: covering the primaries in Iowa New Hampshire in early twenty

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Speaker 3: twenty four, when we talked to voters who went to

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Speaker 3: his rallies, who said they really felt like he was

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Speaker 3: going to fight for them. We did then see Trump

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Speaker 3: come back again a little bit later and speak to

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Speaker 3: more supporters in the Capitol building.

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Speaker 2: I just want to say, you're a younger, far more

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Speaker 2: beautiful audience that I just spoke to.

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Speaker 3: And at that point he did go back to some

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Speaker 3: of the themes that we've heard him address in some

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Speaker 3: of his rallies that lead into more in terms of

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Speaker 3: January sixth, and feeling like he's coming back to the

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Speaker 3: stage and has some things that he didn't get done

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Speaker 3: in the first term that he wants to do again.

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Speaker 2: Now, I was.

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Speaker 4: Going to talk about the Jay six hostages, but you'll

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Speaker 4: be happy because you know it's action nut words account

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Speaker 4: and you're going to see a lot of action on

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Speaker 4: the JA six houstage to a lot of arment.

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Speaker 1: What kind of policies did he promise to enact? First

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Speaker 1: thing in his remarks today.

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Speaker 3: The buckets that he talked about out of the gate

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Speaker 3: today and his officials have as well, were some of

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Speaker 3: the ones we expected. They're around immigration.

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Speaker 2: First, I will declare a national emergency at our southern border.

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Speaker 3: The economy, which would include tariff policies.

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Speaker 2: We will tariff and tax foreign countries to enrich our citizens, as.

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Speaker 3: Well as energy and policies around federal workers. That includes

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Speaker 3: DEI policies as well as we're expecting some potential actions

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Speaker 3: around bringing the federal workforce back to work and leaning

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Speaker 3: into doze.

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Speaker 2: My administration will establish the brand new Department of Government efficiency.

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Speaker 3: It's not a department formally, but an effort led by

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Speaker 3: Musk to bring more efficiency to the federal government. Still

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Speaker 3: to be determined how they roll out those actions and

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Speaker 3: where first in terms of different departments across the federal government,

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Speaker 3: but that is something we're really on watch for because

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Speaker 3: it really ties into federal spending and fiscal policy. This

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Speaker 3: effort around efficiency and where they might take that. It

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Speaker 3: dovetails really with another key pillar that Bloomberg will be

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Speaker 3: covering closely, which is fiscal spending and tax policy. We're

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Speaker 3: expecting tax policy to be a huge focus in the

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Speaker 3: first half of the year for Republicans and Democrats really

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Speaker 3: on the hill with the twenty seventeen tax reform bill

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Speaker 3: coming up for renewal.

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Speaker 1: As you surveyed the crowd in the Capital, give us

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Speaker 1: a sense of who was in this cast of characters

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Speaker 1: from Trump's incoming administration and from Trump World broadly, and

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Speaker 1: what they tell us about how this administration will govern.

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Speaker 3: What we did see, which is different than potentially in

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Speaker 3: years past, was a real presence of CEOs in some

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Speaker 3: of the front rows in the Capitol building. As Trump

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Speaker 3: was doing his inaugural address and being sworn in So

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Speaker 3: that includes people like Elon Musk and Jeff Bezos and others,

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Speaker 3: and certainly also there today were a number of Trump's

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Speaker 3: nominees for key cabinet up positions and top positions across

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Speaker 3: his government, and we will be reporting on in the

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Speaker 3: days ahead the continued confirmation hearings and votes to confirm

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Speaker 3: that cabinet going forward.

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Speaker 1: Well, let's zero in on big tech for a moment.

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Speaker 1: Who are some of those key CEOs and tech leaders

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Speaker 1: that were in the audience and that are expected to

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Speaker 1: play a key role in this administration.

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Speaker 3: So some of the names we saw today echo some

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Speaker 3: of the reporting we've done over the last several months

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Speaker 3: in terms of who traveled quickly to mar A Lago

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Speaker 3: to see Trump after he wanted the election. So that

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Speaker 3: includes Tim Cook from Apple, Mark Zuckerberg from Facebook, Jeff

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Speaker 3: Bezos from Amazon. Tech has played a big presence in

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Speaker 3: the lead up to Trump's inauguration in terms of making

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Speaker 3: visits to see him. Because the policies around tech regulation

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Speaker 3: and crypto regulation, which is another big area we expect

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Speaker 3: to be in focus quickly in Trump's second term. It

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Speaker 3: really matters for a lot of these companies in terms

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Speaker 3: of their bottom line. Policies like tariffs, like immigration, like

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Speaker 3: being able to hire workers from around the world, all

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Speaker 3: our front and center for their success in their business

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Speaker 3: going forward as global multinational big tech companies.

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Speaker 1: Looking at some of the other attendees and participants at

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Speaker 1: inauguration today, Trump didn't attend Joe Biden's inauguration. Were you

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Speaker 1: surprised to see the Bidens were in attendance today?

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Speaker 3: The Biden administration and the Bidens themselves have been very

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Speaker 3: clear for a couple of months now that they intended

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Speaker 3: to follow through with the traditional pass off and passing

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Speaker 3: of the torch from one administration to another by attending

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Speaker 3: today's inauguration, by hosting the Trumps at the White House

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Speaker 3: ahead of time, having some calls and conversations. So they

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Speaker 3: have been clear about that since the election was called,

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Speaker 3: in terms of posturing ahead for America in a way

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Speaker 3: that returned to some of those traditions of the peaceful

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Speaker 3: transfer of power.

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Speaker 1: After the peaceful transfer of power comes Trump's first one

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Speaker 1: hundred days in office. What we know about Trump's immediate

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Speaker 1: priorities and how they could play out after the break.

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Speaker 1: When we spoke at around two thirty pm on Monday,

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Speaker 1: I asked Peggy Collins, Bloomberg's Washington bureau chief, about the

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Speaker 1: directives Trump previewed in his inauguration speech and what they

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Speaker 1: say about his top priorities.

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Speaker 3: A couple of his top priorities are clearly going to

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Speaker 3: be around securing the border. That is something that they

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Speaker 3: came out with right away in terms of his speeches,

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Speaker 3: and we're anticipating that executive orders and actions today and

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Speaker 3: in the days ahead will very much so focus on that,

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Speaker 3: ending catch and release, sending troops to the southern border,

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Speaker 3: for example, changing some of the rules around refugee status

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Speaker 3: and asylum seekers. So we expect that to happen over

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Speaker 3: the next several hours and into tomorrow. Another key one

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Speaker 3: is making America energy dominant, as they phrased it today again,

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Speaker 3: so that is a number of the actions will be

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Speaker 3: around making it easier to drill for oil, ending some

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Speaker 3: of the Green New Deal policies that were enacted during

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Speaker 3: the Biden administration, retracting some of the electric vehicle mandates

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Speaker 3: that a number of Republicans felt went too far, and

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Speaker 3: really trying to lean into supporting order workers through those

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Speaker 3: policies as well. And then certainly efforts around the economy

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Speaker 3: to lower prices, though that is going to be more

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Speaker 3: difficult to do through executive orders and actions. But also

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Speaker 3: the tariff policies that we've been talking about some in

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Speaker 3: terms of making America more competitive, as Trump said, in

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Speaker 3: the global sphere by countering some of the policies in

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Speaker 3: places like Europe, Mexico, Canada, China, and that is going

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Speaker 3: to be a big focus. And then the federal workforce

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Speaker 3: and DEI policies. We expect them to roll back some

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Speaker 3: of the DEI policies that are in and have been

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Speaker 3: enacted at federal departments and also really push for federal

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Speaker 3: workers to come back to the office and for more

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Speaker 3: efficiency in the federal workforce in terms of sheer numbers potentially.

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Speaker 1: Trump mentioned tariffs, but we still don't have details or

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Speaker 1: specifics on what those will look like when they'll be

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Speaker 1: rolled out. What are global trade partners bracing for, and

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Speaker 1: what did he say today that might give them a hint.

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Speaker 3: Well, I think market certainly took some of the news

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Speaker 3: today that there weren't going to be tariffs announced on

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Speaker 3: specific country trees as soon as today as a good thing. Certainly,

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Speaker 3: the dollar reacted to that earlier. Today When it comes

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Speaker 3: to other countries, though, I think a couple of things

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Speaker 3: are important to note. One is somewhat of a shift

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Speaker 3: towards China in terms of bringing them back to the

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Speaker 3: table sooner, and maybe that will mean some restraint in

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Speaker 3: terms of specific or immediate China tariffs to follow on

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Speaker 3: from the first administration. Our reporting here in DC over

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Speaker 3: the past few weeks has also indicated that Trump advisors

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Speaker 3: are discussing some type of gradual tariff policy that might

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Speaker 3: enact smaller tariffs that would level up if the negotiating

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Speaker 3: between countries didn't go well. Another thing I think to

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Speaker 3: note from our reporting is that the European Union is

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Speaker 3: going to be in sharp focus this time around for

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Speaker 3: the Trump administration. And of course Trump has already mentioned

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Speaker 3: Mexico and Canada, both of which are very much so

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Speaker 3: tied to his energy policies as well as his immigration policy.

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Speaker 3: See Our reporting shows that the Trump administration does see

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Speaker 3: tariffs with countries like Mexico as a potential way to

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Speaker 3: bring Mexico and Latin America to the negotiating table to

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Speaker 3: help stem the flow of migrants across the border. Trump

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Speaker 3: said it, and his administration has said they want to

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Speaker 3: bring back remain in Mexico, which they felt really did

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Speaker 3: stem the flow of migrants across the border. In Trump

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Speaker 3: one point zero.

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Speaker 1: Heggett, you mentioned Trump kept talking about the fact that

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Speaker 1: he's entering office with this mandate. What exactly does that mean.

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Speaker 3: What we saw today from President Trump is he does

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Speaker 3: feel like he has a mandate to govern and potentially

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Speaker 3: govern in a way that may move faster and employ

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Speaker 3: different things than presidents have in the past. We are

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Speaker 3: expecting a deluge of executive orders and actions today, as

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Speaker 3: many as one hundred, or some people think we could

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Speaker 3: get as many as two hundred today. That's just an

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Speaker 3: example of how his administration feels they have the mandate

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Speaker 3: from the American people to move on a variety of

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Speaker 3: issues in ways that we might not have seen presidents

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Speaker 3: do in the past. Whereas they might have taken one

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Speaker 3: hundred days to get a number of their key initiatives

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Speaker 3: in as they took hold of the presidency, we're seeing

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Speaker 3: President Trump move as quickly as in one day, one

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Speaker 3: hundred executive orders.

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Speaker 1: Trump denied the results of the twenty twenty election baselessly.

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Speaker 1: He's overstated how sweeping his twenty twenty four victory was

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Speaker 1: how popular do you think his actual policies will be

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Speaker 1: this time around.

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Speaker 3: I think two things will come to the forefront pretty quickly.

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Speaker 3: One is that you know, success on the border to

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Speaker 3: potentially stem the flow of migrants may be something that

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Speaker 3: people do really relate to quickly and give the president

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Speaker 3: credit for if that happens, not only in southern border states,

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Speaker 3: but as we saw a number of blue cities like Chicago,

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Speaker 3: New York and others really felt the impact of migrants

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Speaker 3: coming across the border in large numbers. The second is

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Speaker 3: more complicated. A lot of what we talked about in

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Speaker 3: our reporting on the campaign trail was the issue of inflation,

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Speaker 3: the economy and prices. It was the first selection since

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Speaker 3: COVID really and people across the country have been hurting

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Speaker 3: really from the rise in prices coming out of COVID

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Speaker 3: on a variety of different levels and on daily goods

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Speaker 3: like we talked a lot about eggs, but we also

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Speaker 3: talked a lot about utility bills and other prices. That

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Speaker 3: is going to be harder for the Trump administration to

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Speaker 3: get its hands around quickly because there are so many

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Speaker 3: different factors that impact that they're certainly the FED, but

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Speaker 3: in recent weeks we've even seen numbers come out in

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Speaker 3: terms of great jobs numbers, surprisingly good jobs numbers, and

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Speaker 3: also mortgage rates go higher rather than lower. So there

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Speaker 3: are a lot of factors in the economy that the

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Speaker 3: President may not be able to get his hands around

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Speaker 3: right away and make a change in terms of lowering prices. Also,

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Speaker 3: a number of economists say that tariffs could increase inflation

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Speaker 3: rather than decrease it, and that widespread deportation of immigrants

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Speaker 3: could also increase inflation rather than decrease it, because we

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Speaker 3: might not have as many workers to do the jobs

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Speaker 3: that we need in this country.

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Speaker 1: In the hours after Peggy and I spoke, Trump signed

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Speaker 1: a number of executive orders.

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Speaker 2: So I'm going to go right over to here and

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Speaker 2: I'm going to sign in front of you. Is that okay?

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Speaker 1: Good? These included pardoning the January sixth defendants, instituting a

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Speaker 1: hiring freeze for most federal agencies, and taking the first

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Speaker 1: step in pulling the US out of the Paris Climate Agreement.

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Speaker 1: He also signed an action aimed at ending birthrights citizenship

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Speaker 1: in some cases, and continued to falsely claim the twenty

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Speaker 1: twenty election was ripped, so.

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Speaker 2: Now the work begins. We won. We won, but now

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Speaker 2: the work begins. We have to bring them home.

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Speaker 1: This is the Big Take from Bloomberg News. I'm Sarah Holder.

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Speaker 1: This episode was produced by Alex Tie. It was edited

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Speaker 1: by Greg White and Naomi Shaven, who was also our

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Speaker 1: senior producer, who was fact checked by Adrianna Tapia. It

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Speaker 1: was mixed and sound designed by Alex Sugiura. Our senior

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Speaker 1: editor is Elizabeth Ponso. Our executive producer is Nicole Beemster.

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Speaker 1: Bor Sage Bauman is Bloomberg's head of podcasts. If you

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Speaker 1: liked this episode, make sure to subscribe and review The

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Speaker 1: Big Take wherever you listen to podcasts. It helps people

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Speaker 1: find the show. Thanks for listening. We'll be back tomorrow.