Promoting Oil Drilling Prioritized In Trump’s Inaugural Address

President Trump Outlines Vision for a “Golden Age”

In his inaugural address after being sworn in as the 47th President of the United States on January 20, 2025, Donald Trump presented his vision for ushering America into a “golden age.” Speaking at the Capitol Rotunda, Trump detailed his administration’s “America First” economic agenda, which focuses on combating inflation, promoting oil drilling over green energy, imposing tariffs on foreign trade, and deporting unauthorized immigrants.

“The golden age of America begins right now,” Trump declared. “From this day forward, our country will flourish and be respected again all over the world. We’ll be the envy of every nation, and we will not allow ourselves to be taken advantage of any longer. During every single day of the Trump administration, I will very simply put America first.”

Tariffs on Foreign Trade

Trump announced plans to establish an “External Revenue Service,” a counterpart to the IRS, tasked with collecting tariffs on imported goods. Currently, these duties are managed by U.S. Customs and Border Protection, part of the Department of Homeland Security. The new department is expected to be busy, as Trump has pledged to impose high tariffs on trade with Mexico, Canada, and China.

“We are establishing the External Revenue Service to collect all tariffs, duties, and revenues,” Trump said. “It will be massive amounts of money pouring into our treasury from foreign sources.”

However, many economists argue that the cost of tariffs is ultimately borne by U.S. consumers, as merchants typically pass on the import taxes. Forecasters predict that Trump’s tariffs could stoke inflation if implemented. Establishing a new federal agency would require congressional approval.

Fighting Inflation

Trump’s victory over former Vice President Kamala Harris in November was significantly influenced by voter anger over inflation during Joe Biden’s presidency. Trump vowed to use his executive powers to combat inflation.

“I will direct all members of my cabinet to marshal the vast powers at their disposal to defeat what was record inflation and rapidly bring down costs and prices,” he said.

As of December, the cost of living had increased by 2.9% over 12 months, as measured by the Consumer Price Index (CPI). This rate is higher than pre-pandemic levels and the Federal Reserve’s goal of 2% annual inflation but well below the 9.1% rate in June 2022, which was a four-decade high.

Promoting Oil Drilling

Trump emphasized that reducing energy costs is crucial to fighting inflation. Prices for gasoline, natural gas, and electricity are significant factors in household budgets and inflation measures like the CPI. Trump announced plans to issue executive orders to promote domestic oil production and reverse Biden’s policies promoting green energy and electric cars.

“Today I will also declare a National Energy Emergency,” he said. “We will drill, baby, drill.”

Deporting Immigrants

Immigration was a major focus of Trump’s campaign rhetoric, and he reiterated his plans to issue executive orders on the matter. Trump announced his intention to declare a national emergency at the southern border, deploy the military to stop illegal immigration, and deport unauthorized immigrants already in the country.

“We will begin the process of returning millions and millions of criminal aliens back to the places from which they came,” Trump said.

Restricting immigration and deporting immigrants could have a significant impact on the economy, particularly in industries like homebuilding, where unauthorized immigrants make up a large portion of the workforce.

These four key economic takeaways from Trump’s inaugural address highlight his administration’s focus on prioritizing American interests and revitalizing the nation’s economy through a series of strategic initiatives and policy changes.