Trump is not expected to impose sweeping tariffs on Day 1

President Donald Trump is expected to outline his trade policy for his second term in an executive action Monday. But that action – described by sources as a “placeholder” – won’t institute new global tariffs that Trump has promised would raise trillions of dollars.

President Donald Trump is expected to outline his trade policy for his second term in an executive action Monday. But that action – described by sources as a “placeholder” – won’t institute new global tariffs that Trump has promised would raise trillions of dollars. The placeholder action comes as Trump’s economic team has been meeting regularly to chart a path to implement the steep, sweeping tariffs on allies and adversaries alike that the president promised on the campaign trail. Although administration officials continue to debate how to make good on his pledges, Trump in his inaugural address made clear he still plans to make significant changes on tariff policy – in one form or another. “I will immediately begin the overhaul of our trade system to protect American workers and families,” Trump said in his speech in the US Capitol Rotunda Monday. “Instead of taxing our citizens to enrich other countries, we will tariff and tax foreign countries to enrich our citizens.” Trump also said in his address he would establish a new government office called “the External Revenue Service,” which will be tasked with collecting tariff revenue. “It will be massive amounts of money pouring into our Treasury coming from foreign sources,” Trump said.