Trump's Executive Orders; Trump Pauses Tik Tok Ban
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Good morning, I'm Nathan Hager. And I'm Karen Moscow. Here are the stories we're following today. And Karen, we begin with the change already underway in Washington, D.C. Donald Trump has completed one of the most stunning political comebacks in modern American history, delivering his second inaugural address with a promise to deliver a golden age for America. From this moment on, America's decline is over.

Speaking from the Capitol Rotunda, the 47th president said he would get to work quickly with a series of executive orders aimed at what he called a radical and corrupt establishment. With these actions, we will begin the complete restoration of America and the revolution of common sense. It's all about common sense.

The president detailed many of those actions in his speech, saying he would declare a national emergency at the border to crack down on undocumented migrants and a national energy emergency to tackle inflation.

Well, Nathan, President Trump wasted little time putting pen to paper on those promises. The new president signed dozens of executive orders in his first hours back in office. They included full pardons for more than 1,500 people involved in the riot at the U.S. Capitol four years ago. I've been in jail for a long time already. I see murderers in this country get two years, one year, and maybe no time.

So they've already been in jail for a long time. These people have been destroyed. The president also rescinded dozens of Biden-era orders on diversity, immigration and climate, and he pulled the U.S. out of the Paris Climate Agreement and the World Health Organization. One order he did not issue, however, was on tariffs, though he did say he could make a move on Canada and Mexico soon. We're thinking in terms of 25 percent on Mexico and Canada because they're allowing

Vast numbers of people. Canada's a very bad abuser also. Vast numbers of people to come in and fentanyl to come in. Instead of immediate tariffs, the president called on federal agencies to study tariff policies in America's trade relationship with China, Canada, and Mexico. And Karen, President Biden also temporarily halted a ban on TikTok in the U.S. We get more on that with Bloomberg's John Tucker. John. And Nathan, in one of the first moves after taking the oath, Trump signed an executive order.

that gives TikTok a 75-day reprieve. He also reiterated his stance that American companies should own half of the video sharing platform. The U.S. should be entitled to get half of TikTok, but it's worthless if I don't, if the president doesn't sign.

Then it's worthless. Whether his order alone is enough to stave off a ban, that remains unclear. According to the law that bans TikTok, an extension is only possible if the president can show Congress that there's a viable path toward a deal. TikTok did restore access for existing users. Google and Apple, however, they still have not reinstated TikTok to their app stores. I'm John Tucker, Bloomberg Radio.

All right, John, thank you. Well, who's who of the world's wealthiest people surrounded President Donald Trump as he took the oath of office? A group of billionaires, including Elon Musk, Jeff Bezos and Mark Zuckerberg, had a combined net worth exceeding one point three trillion dollars. Also in attendance, LVMH CEO Bernard Arnault, Alphabet co-owner, our co-founder, rather, Sergey Brin and Las Vegas Sands majority owner Miriam Adelson.

And Karen Elon Musk has already secured a White House email address. Sources say the billionaire who's set to lead the Department of Government Efficiency has an email available as part of the executive office of the president. Musk spoke yesterday at the Capital One Arena in Washington. There are elections that come and go. Some elections are, you know, important, some are not. But this one, this one, this one really matters. And I just want to say thank you.

for making it happen. Elon Musk poured millions into Trump's presidential campaign and has emerged as one of his closest advisors. Nathan, while Musk heads President Trump's government efficiency effort, Vivek Ramaswamy will not join him. Instead, he plans to run for governor of Ohio. Ohio Governor Mike DeWine's decision to select his Lieutenant Governor John Husted to replace Vice President J.D. Vance in the Senate

has opened the possibility for Ramaswamy to seek the governor's mansion in 2026. Also in Washington, Karen Marco Rubio has been confirmed as Secretary of State. He is the first of President Trump's nominees to be approved by the Senate. More on that from Bloomberg's Gregory Corti in Washington.

The Senate always gives deference to its own members when they are nominated for executive jobs. Marco Rubio was a senator that was widely respected on both sides of the aisle and certainly seemed to be qualified. He's knowledgeable about foreign policy. Certainly Democrats don't agree with him on everything on foreign policy, but the fact that he would be the first cabinet president

posts to be filled in this next Trump administration. Not altogether surprising. Bloomberg's Gregory Cordy reports after the vote, Marco Rubio said ending the war in Ukraine will be a top priority. Well, Nathan Trump, of course, was the main topic of conversation at the World Economic Forum in Davos. Business leaders and investors worth over $120 billion are at the event, and we caught up with Franklin Templeton CEO Jenny Johnson. He's a dealmaker.

And if you're a dealmaker, the first thing you do is you show your powerful stance. So you make a broad statement, I'm going to tax Canada and Mexico by 25%. Well, and then you sit down at the table, you get them to the table, and you say, this is what I need. I need some help on immigration. I want you to import more of our goods. And so I think we've seen that that's his kind of approach.

And Franklin Templeton CEO Jenny Johnson says she believes Trump's policies will boost the economy and support public and private markets. Speaking of the markets, Karen, futures are higher as we begin the first full trading day under Trump's second presidency. The dollar opened lower before surging when Trump threatened to impose tariffs of as much as 25 percent on Canadian Mexican imports as soon as February. We get more on the volatility in the FX market from Bloomberg Markets reporter Valerie Teitel.

It's insane volatility in FX markets. I mean, the dollar dropping a percent in mere minutes yesterday when we got a leak from the Wall Street Journal that Trump was not going to announce any tariffs on day one on that first round of executive orders. He did make that passing comment to reporters in the Oval Office about a 25 percent tariff on Canada and Mexico, even giving a date at which he wants to put that on February 1st.

But the lack of anything on paper is maybe just giving us a hint that the tariff side of Trump's plan is not put together yet. This is Bloomberg Markets reporter Val Teitel and checking the Bloomberg Dollar Spot Index right now. It is stronger by six tenths of one percent.

Well, Nathan, earnings will once again be a main focus for the markets this week. After the bell, we'll hear from Netflix. Sangeetha Raghunathan covers the streaming giant for Bloomberg Intelligence. We had two huge live events that they streamed on their service actually in the fourth quarter. One was the big Mike Tyson versus Jake Paul boxing event, which happened in November. And then in December on Christmas Day, you had...

two NFL games. And both those, along with the release of their biggest hit ever, which was Squid Game season two on December 26th, is believed to have really kind of boosted those subscriber numbers. Bloomberg Intelligence's Geetha Raghunathan projects Netflix to add 11 million customers in the quarter. Counterpoint Research says sales of

iPhones dropped more than 18% in China during the December quarter. That decline was partly due to the lack of accessibility of new artificial intelligence features as Apple seeks a local partner in China to provide AI infrastructure.

Time now for a look at some of the other stories making news in New York and around the world. And for that, we're joined by Bloomberg's Michael Barr. Michael, good morning. Good morning, Karen. Former President Joe Biden granted blanket pardons to five family members and others in his final acts of clemency.

The pardons also included former top health advisor Dr. Anthony Fauci, former chairman of the Joint Chiefs of Staff Mark Milley, and the members of the January 6th committee, including chairwoman, former representative Liz Cheney. President Trump told supporters about Biden pardoning his family members just before the inauguration. You know why he did it while I was speaking? Because that way I couldn't speak about it. I was speaking. I didn't know he did it. I finished my speech yesterday.

And they said, sir, he pardoned his whole family. I said, oh, can I go back out there and talk about it? Biden also commuted the sentences of three people, including Native American activist Leonard Peltier, and granted preemptive pardons to leading government officials that Trump had threatened to punish. Peltier, convicted of murdering two FBI agents in 1975, had been sentenced to life in prison. He will serve the remainder of his sentence in home confinement.

Martin Luther King Day happened the same day President Trump returned to office. King's niece, Reverend Robin Scott King, took part in a parade in Newport News, Virginia. We saw dreamers walking, still believing.

sharing the legacy of Dr. Martin Luther King. MLK events were also held in other cities, including New York and Houston. Kamala Harris arriving in Southern California last night after attending the presidential inauguration in Washington. The now former VP and her husband visiting the site of the Eaton Fire in Los Angeles, not far from their home that survived the Palisades Fire.

We went and visited World Central Kitchen. I mean, the volunteers who were there, some of them who lost their own homes, are there doing the work of taking care of perfect strangers who, in the face of that stranger, they see a neighbor.

Meanwhile, a second day of windy and dry conditions is forecast for Southern California, raising the risk of new wildfires. The Taliban government in Afghanistan said today it released American citizens in a prisoner exchange for an Afghan jailed in a U.S. prison. The Taliban's foreign ministry said in a statement the swap came after long and fruitful negotiations.

The New York Times reported the Americans freed were Ryan Corbett and William Wallace McKenty in exchange for Khan Mohammed, an Afghan prisoner.

Global news 24 hours a day and whenever you want it. With Bloomberg News Now, I'm Michael Barr and this is Bloomberg. I'm Alpine skier Michaela Schifrin. I've won the most World Cup ski races in history. But what does success mean to me? Success means discipline. It's teamwork. It's the drive and passion inside of us that comes before all recognition. And it's why Stiefel is one of the fastest growing global wealth management firms in the country.

If you're looking for success, surround yourself with the people who will get you there. At Stiefel, we invest everything into our advisors so they can invest everything into their clients. That means direct access to one of the industry's largest equity research franchises and a leading middle market investment bank. And it's why Stiefel has won the J.D. Power Award for Employee Advisor Satisfaction two years in a row.

If you're an advisor or investor, choose Stiefel. Where success meets success. Stiefel Nicholas & Company, Inc. Member SIPC and NYSE. For J.D. Power 2024 award information, visit jdpower.com slash awards. Compensation provided for using, not obtaining the award.

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Time now for the Bloomberg Sports Update brought to you by Tri-State Audi. Here's John Stashower. John, good morning. Good morning, Karen. Any previous college football season, Ohio State with two regular season losses would not have been part of any playoff, but the playoff field tripled in size. The Buckeyes got in and then dominated a championship game in Atlanta. Notre Dame scored first. Long touchdown drive. Then Ohio State got the ball. Second and five played.

Howard flips it. Smith's got it. And the freshman just waltzes in as the Buckeyes score to Andy.

to answer the Irish. They scored touchdowns on their first four possessions, 31 points in a row. The Irish then scored the next 16 to cut the lead to eight, but Ohio State held on 34 to 23. Their quarterback, Will Howard, transferred in from Kansas State, led them to their first national championship in a decade. It's just surreal, man. You know, when I came here, I talked about

winning a national championship. And it's just surreal, man. God is so good. And I just love these guys. And man, I'm just, I'm just so glad that God gave me a chance to be a Buckeye. Notre Dame's first loss in four months. Still without a title since 1988. Matt Knight at the guard. Knicks forced 23. Atlanta turnovers beat the Hawks 119-110. Combined 60 points from Jalen Brunson and Mikkel Bridges. Celtics won at Golden State.

by 40. Islanders beat Columbus 3-1. Bo Horvat scored twice. The Bruins beat San Jose 6-3. Good one on the Big E's. Georgetown scored with a second left for a one-point win at Villanova. Coco Gauff out of the Australian Open. Lost her quarterfinal match to Spain's Paola Bedosa. 7-5, 6-4. Big men's match about to start. Novak Djokovic against Carlos Alcaraz. The Chicago Bears...

interviewed 17 different head coaching candidates and decided on Detroit Lions offensive coordinator Ben Johnson. The Blue Jays came up short in several attempts to sign a big free agent, but Toronto has landed. Switch hitting outfielder Anthony Santander hit 44 home runs last season in Baltimore. John Stasch, Bloomberg Sports, Karen and Nathan.

Coast to coast on Bloomberg Radio. Nationwide on Sirius XM. And around the world on Bloomberg.com and the Bloomberg Business App. This is Bloomberg Daybreak. Good morning, I'm Nathan Hager. President Trump is wasting little time working to usher in what he has been calling the new golden age for America. During every single day of the Trump administration, I will very simply put America first.

And following that second inaugural speech inside the Capitol Rotunda, the new president delivered a blitz of executive actions aimed at undoing the policies of the Biden administration, targeting everything from immigration to energy, climate, the federal workforce.

as well as hot-button social issues. For more, we are joined by Terry Haynes, the founder of Pangea Policy, and with us this morning from our Bloomberg Interactive Brokers studios, David Gurra, host of the Bloomberg Big Take podcast. It is great to have both of you with us this morning after a remarkable inauguration for the second Trump presidency. Terry, I'll start with you. Your note this morning notes that the new president didn't just deliver an inaugural address. He delivered that second address today.

inside the Capitol as well. What message is the new president sending with not just the speeches, but this flurry of executive orders? Good morning.

Good morning, Nathan, and good morning, David. A couple of things. One is, you know, I think there's twin sources of markets volatility today, without overstating it, but I think this exists. There's policy uncertainty, of course, as your reporters have mentioned earlier, and there's also presidential uncertainty in some way. You've got one sort of president with the

inaugural address, you get another sort of president with the informal remarks afterwards. And I think it continues, the combination of those two things continues to simmer the uncertainty about what sort of presidency you're going to get and the amount of focus that Trump is going to put on issues of all kinds and stewardship of the economy in particular.

The focus that we saw from the new president, David, seems to be really on unleashing this flurry of activity in terms of the executive actions. What stood out to you? I mean, is it even possible to sort of encapsulate the kind of action that we've seen from this new president?

Yeah, Terry was getting at the kind of contradictions that we saw over the course of the day. And I think another thing animating the day was just the fact that he kept teasing these executive orders from the get-go. And we saw him at the Capital One Arena in D.C. with a little wooden desk and some papers stacked on it as well. So we started getting these executive orders during this rally that was held indoors after kind of the formal inauguration.

this is a wide range of executive orders. We kind of knew that that was going to be the case and he delivered through them a lot on promises that he made on the campaign trail. Uh, and during the transition. Now we can quibble over how many teeth are in these executive orders, but, uh, they dealt with climate policy, uh, declaring a new national emergency when it comes to energy production in this country and other national emergency when it comes to, to border issues. Again, these are topics, Nathan, that he talked about, uh, till the cows came home on, on the campaign trail. And, um,

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he's going to take us out of the Paris Agreement once again. He's going to backtrack on a lot of policies that President Biden put in place. And I think if I were to kind of look at them as a whole, that's the broadest takeaway that I have here. It's kind of a reset. It's walking back what he can from the previous administration when it comes again to climate, when it comes to public health, when it comes to multilateralism more broadly. And, you know, I think he's sending a message here, yes, to those who supported him, to the American public more broadly, but also telegraphing to

the kind of nascent staff that he has in these agencies. Of course, there haven't been many cabinet appointees, nominees confirmed yet, but kind of sending a directional signal to them about where he hopes to take things. But to Terry's point, I think there's still a degree of uncertainty

of confusion, a lack of clarity exactly on, on where that's going to be. Well, Terry, let's get into it where we could see kind of teeth on some of these policies. Not only have we seen the president, as David mentioned, declare that national emergency at the border, we've seen, uh,

The Senate passed legislation aimed at cracking down on immigration at the border as well. How much of the action that we have seen from the new president so far do you see as having teeth and standing up to legal scrutiny?

Well, I think, broadly speaking, two things. One is I think that Trump and his appointees are desirous of making sure that all of it has teeth, number one. Number two, I think some of this doesn't survive legal challenges. Think of this, an easy way to think of this is Trump taking a page from the Biden playbook, frankly. Biden persisted in doing a bunch of things, basically.

student loans are the first thing that comes to mind here, that he was told were illegal, kept doing them, kept doing them, kept doing them. It was a stylistic and policy overlay. And Trump will continue to want to do a lot of those things, but not be able to do it.

birthright citizenship comes to mind immediately, of course, as one of these things. But he will set a tone. They will work as hard as they can to implement those policies across the board. And they will undoubtedly have some legal setbacks in a number of areas and work to overcome them. But if they can't, they'll be saying, look,

We're trying to do these things. And part of setting that tone, David, was one of the first orders that the new president signed when he got back to the Oval Office. Something else he had telegraphed during the speeches was to provide pardons and clemencies to the January 6th protesters. And now talking about the hard part beginning of getting those people freed. What kind of a tone does that set to have these people freed?

released from prison when just hours before, former President Biden had issued an executive order or a pardon of his own for the January 6th committee.

I think something can be expected and shocking. That's how I would characterize what happened yesterday. So he did issue full, complete, unconditional pardons for 1,500 people. And as you know, Nathan, this is something that has been really gumming up the legal system, the courts in Washington, D.C. now for the better part of four years, the prosecutions of those who were involved in those riots on Capitol Hill. It sends a very strong message, but one that he had, again, telegraphed and indicated that he would do, that he did –

plan to pardon and offer clemency to those who were arrested after the attack on the U.S. Capitol. But you're right to bring this up and to advise us to look at this in compliment with what we saw from President Biden yesterday, and really it was just a few minutes before the transfer of power that he issued preemptive pardons, yes, for members of his extended family, but also for those who were involved in the select committee that investigated those events on January 6th, including staff of that committee as well. And I think we saw that kind of

animating Donald Trump, President Trump throughout the day. It was something he clearly took notice of and responded to in those kind of freewheeling remarks that he gave after the first inaugural address, the freewheeling remarks that he gave to those who couldn't be in the Capitol Rotunda and talked about at the Capitol One arena as well in the rally speech that followed. I think that he sees them as one in the same. And again, I think this is something that his base was expecting, hoping and expecting that he would do here today.

but for for those who remember well that day and have kind of watched this dark mythology kind of take over what actually happened then it's kind of the continuation of that and i think it's something that will be talked

talking about not just over the course of this term, but I think throughout American history. Again, what happened on January 6th, of course, and then also just how it's been dealt with here with the pardons the president imposed yesterday. David Gurra is with us in our Bloomberg Interactive Broker Studios, host of the Big Take podcast, part of our special inaugural coverage.

on Bloomberg Radio and Television, along with Terry Haynes, the founder of Pangea Policy. Terry, as much as the new president talked about trying to unify the country, the mandate that he sees himself having now, I wonder how much more of this conversation about potential retribution, potential for conflict with some of these countries

past figures that he's dealt with before is going to continue, particularly not just with the preemptive pardons for the January 6th committee that former President Biden put out, but preemptive pardons for Anthony Fauci, as well as members of his own family.

Well, there are conflicting signals there. One of the things that struck me about the inaugural address versus the informal remarks that came later was that the president seemed to be getting beyond the retribution in the inaugural address, kind of the turning of the page, but left the possibility open, I think, in his less formal remarks.

You know, I think Trump is entitled to some triumphalism here. You know, it's, I can't think of a bigger political comeback in United States history. And, you know, he's, of course, entitled to interpret the election results as a repudiation of the last president. That's, you know, that's what happens with presidents, new presidents. But the bottom line here is that, you know, it certainly reminds

remains a possibility. Retribution remains a possibility, firstly. Secondly, he'd be well politically advised not to engage in it. The January 6th pardons, as much as anything else, are a turning of the page. And in some sense, that's what the Biden pardons are as well. That combined signal, I think, is

leads to a conclusion that large-scale retribution, I think, will not be pursued, in part because, of course, there are so many pardons. But the tone and the bitterness and the threat of that will remain out there for some time. That's probably also what Trump intends. David, let's get to what may be the bottom line for markets, the lack of an order on tariffs, at least not right away, this call to

study trade policy among federal agencies. The market seems to be taking that pretty well with futures moving higher, although we are seeing some dollar strength this morning. Yeah, I think some relief there that we didn't see those punitive broad tariffs put in place when it comes to China, at least. And then we saw this very familiar scene

in the evening yesterday with President Trump seated in the Oval Office and being asked an array of questions about policy, one of which was about tariffs he's talked about on Mexico and Canada, and the president kind of mentioning offhandedly here maybe he'd put in those 25% tariffs by February 1st. But we didn't get that announcement yesterday, and I think there are probably a variety of reasons for that. Cognizance of sort of what it would mean for markets maybe is one facet of it. But he doesn't have his U.S. trade representative, Jameson Greer, in place yet, and I think that it

there is a school of thought here that he wouldn't want to go ahead doing this until he has the principle in place. And so him saying that this is something he wants to study and dig into a bit more makes some sense to me, again, not having a trade representative in office yet, but

But it's certainly, as you look at the kind of panoply of things that he's talked about putting in place, it is a big absence. And one is, so we watched the day unfold yesterday. We were wondering, in fact, is he going to say more than he did? And I think he's keeping us guessing here, Nathan. Just 30 seconds left, Terry. When do you expect to see that trade policy clarity from this new administration?

I think you'll see it on a rolling basis, frankly. I don't think you're going to see a situation where there's all of one or all of the other, generally speaking. David summarized keeping it guessing quite well.

I would say to markets that tariffs are a geopolitical tool, part of geopolitical national security for the Trump administration. And that'll continue to be the lens through which these tariffs should be looked at.

This is Bloomberg Daybreak, your morning podcast on the stories making news from Wall Street to Washington and beyond. Look for us on your podcast feed by 6 a.m. Eastern each morning on Apple, Spotify, or anywhere else you listen. You can also listen live each morning starting at 5 a.m. Wall Street time on Bloomberg 1130 in New York, Bloomberg 99.1 in Washington, Bloomberg 92.9 in Boston, and nationwide on Sirius XM Channel 121.

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