the white house announces "a national energy emergency" — president trump has launched a package of pro—fossil fuels policies and vows to leave the paris climate agreement. the us could impose tariffs of 25% on mexican and canadian imports from february the first donald trump said as he signed a raft of executive orders. and markets are on the move as investors keep across trumponomics 2.0 — wall street is expected to open lower after the president's tariff threat against america's two biggest trading partners.

live from london this is business today. i'm sally bundock. our focus is ourfocus is on our focus is on the world �*s biggest economy. donald trump promised he would get down to business on day one and he certainly has. just hours after being sworn in as the 47th president of the united states he has signed a raft of executive orders with wide ranging policies. they cover all sorts including energy, immigration tiktok and he talked of tariffs to be imposed on america's biggest trading partners in a matter of weeks. in his inauguration speech donald trump promised a new golden age of america, vowing to cut energy prices and tame inflation. from new york, here's the bbc�*s north america business correspondent michelle fleury. during his inaugural address, donald trump declared a national energy emergency.

unlocking new powers. the move is meant to speed up domestic production of oil and gas and help bring down prices. the inflation crisis _ help bring down prices. the inflation crisis was - help bring down prices. tue: inflation crisis was caused help bring down prices. tte: inflation crisis was caused by massive overspending and escalating energy prices. that is why today i will also declare a national energy emergency. we will drill baby drill. ., emergency. we will drill baby drill. . ., , drill. on trade, donald trump did not follow _ drill. on trade, donald trump did not follow through - drill. on trade, donald trump did not follow through on - drill. on trade, donald trump did not follow through on his| did not follow through on his throat into this new tariffs on day one of his presidency. instead the president directed federal agencies to study trade policies to review existing tariffs and take another look at trade agreements like the us mexico canada agreement, for review next year and could prove contentious. also propose creating a new agency called the external revenue service to collect tariffs. his decision to hold on imposing new tariffs is a sign perhaps his economic team is split on how to

approach this. especially given the focus on teaming inflation. while us importers pay tariffs up while us importers pay tariffs up front, they say the real costis up front, they say the real cost is often passed on to consumers. so, lots to cover today and let's start with energy. as you heard, "drill baby drill," made it into the inaugural speech. trump said he will declare a national energy emergency, and repeated his promise that his administration will ramp up drilling of oil and gas on us soil. "america will be a manufacturing nation once again," he said, adding that america sits on "the most oil and natural gas of any nation on earth, and we're going to use it." he then signed an order to withdraw from the paris climate treaty as well as temporarily withdraw all areas on the outer continental shelf from offshore wind leasing i'm joined byjoseph brazauskas senior counsel at bracewell llp who are specialists

in energy law. welcome to bbc news. it was interesting that this got such prominence in the inaugural speech. future energy policy of this administration. also just mentioned the liquid gold under his feet and a speech at one of the inaugural balls. it seems to be a top priority. absolutely. thank you for having me. iwould absolutely. thank you for having me. i would say it has been clear the first 12 hours of this presidency that restoring energy, american energy, american energy dominance will be a critical aspect of the trump administration and what we have seenin administration and what we have seen in these executive orders is exhilaration of perming to attempt to rollback regulations and rescinding of the paris climate agreement. and

targeting some of the electric vehicle regulations and mandates put in place by the biden administration. i think what we're here on the first day is just the beginning. what we're here on the first day isjust the beginning. a lot of the information that is contained in these executive orders are things the federal agencies and be part of the cabinet will have to start working on over the first 100 days of the administration. what does it mean for the renewable sector in the united states? the green sector getting huge investment from the previous biden administration through the inflation production act. many companies have actually really started to invest in renewables in the us. tt started to invest in renewables in the us. , started to invest in renewables in the us-_ in the us. it is contained in one of these _ in the us. it is contained in one of these executive - in the us. it is contained in i one of these executive orders in the us. it is contained in - one of these executive orders a direction to the federal agencies to stop the funding of some of these projects you are

speaking of. this energy transition projects focused on green technologies. certainly these executive orders and what these executive orders and what the policy of this administration is going to be is very much promoting fossil energy. making sure we are exporting not on the oil but of course liquefied natural gas which i think is an important aspect of what we see in these executive orders. keep in mind some of these, some of the relaxing of regulations as well as some of the reforms contained in the executive orders could also benefit some of the renewable energy projects that exist in the united states. whereas yes the administration is planning on withdrawing and examining things like the offshore wind leases, i do think there are some opportunities for projects

still in the green area that could benefit from some of these relaxing regulations. thank you for your time. so many implications. to mention some comments coming through from the president since he took the oath of office, he hit out at the us trade deficit with europe and threatened the eu with tariffs if it did not by more us oil which is interesting and not least to mention the withdrawal from the paris climate agreement. 0ur economics editor is at the world economic forum in davos where global leaders were nervously watching trump signing all those executive orders. the one question being asked, the one question that really matters at the world economic forum for the whole of the global economy is how serious president donald trump is about his plans to tax the trade or

apply tariffs to large swathes of the world trading system. he said in his inaugural address yesterday about massive amounts will be raised for the us treasury from this policy and on capitol hill people are talking about several hundred billion dollars, perhaps over $1 trillion. a simply massive amounts and at the same time yesterday chose not to levy extra taxes from day one. there will be a process of researching where they might best be applied. it is notjust about the united states, such policies already seeing pre—emptive rhetoric from the countries that might be on the receiving end like canada who said they would retaliate against us exports into canada which are really important. us executives, some top ceos are around anticipating there would be series of retaliations that affect their business but are just hoping, assuming because theyjust just hoping, assuming because they just cannot let just hoping, assuming because theyjust cannot let it happen, but it won't be a general

universal tariff against all imports into the us. also impact on the us dollar, people are not sure if it will make the us dollar stronger or in fact a long—term gain is cheaper us dollar. reaction of the countries matter but really donald trump has decisions to make. he addresses his form lie from the white house on thursday afternoon. let's unpack this further. president trump said he was thinking of imposing 25% tariffs on imports from canada and mexico starting on february the first. these are among america's biggest trading partners and the president's reason for imposing the tariffs is because he says they allow many people to cross the border as well as fentanyl. he also said he had spoken with canadian prime ministerjustin trudeau. the mexican peso fell 1% after the announcement and the canadian dollar tumbled to a five—year low.

so, what more can we expect in the coming days and what could it mean for the us economy and trade? i'm joined by christine mcdaniel senior research fellow with the mercatus centre former deputy assistant secretary at the treasury department, senior trade economist in the white house council of economic advisers. welcome to bbc news. there is so much to digests. we knew it was going to be busy. give us your top ports on the economy to begin with. l115 your top ports on the economy to begin with.— your top ports on the economy to begin with. us economy is in a aood to begin with. us economy is in a good spot- — to begin with. us economy is in a good spot. unemployment. to begin with. us economy is in a good spot. unemployment is| a good spot. unemployment is still relatively low. inflation is stubbornly not coming down as quickly and as easily as the fed had hoped. he has a couple of headwinds coming in. as the tailwind in terms of the economy but then that the headwind of the stubborn

inflation. tt headwind of the stubborn inflation-— headwind of the stubborn inflation. , ., _, inflation. if you could give me our inflation. if you could give me your thoughts. _ inflation. if you could give me your thoughts. you _ inflation. if you could give me your thoughts. you have - your thoughts. you have operated within the white house in the treasury department. why did he not slap tariffs on certain country straightaway? which is what we were all anticipating.— anticipating. every first is straightaway _ anticipating. every first is straightaway for - anticipating. every first is straightaway for a - anticipating. every first is straightaway for a lot - anticipating. every first is straightaway for a lot of l straightaway for a lot of people. —— february one. companies need a heads up in terms of getting ready for the tariffs. president trump is regarded as fairly market friendly, business friendly. he pays attention to the markets and realises companies need a little bit of heads up on when they will actually have to start paying a bit tariffs. february one is pretty fast. figs february one is pretty fast. as ou sa , february one is pretty fast. as

you say, companies need time to take consideration as to finance minister as cetera. what are you expecting the president to impose when it comes to tariffs? been fairly clear for mexico comes to tariffs? been fairly clearfor mexico and comes to tariffs? been fairly clear for mexico and canada 25% on all goods going into the us, what impact will that have? want to bring down the cost of living for american households where could very inflationary. 25% tariff coming in for all goods coming in exco and canada. . , goods coming in exco and canada. ., , ., canada. that is about $19 billion per _ canada. that is about $19 billion per month - canada. that is about $19 billion per month in - canada. that is about $19 | billion per month in tariffs paid. that will be paid by us consumers, us businesses, some will be played by the exporter. bit of a mix. this is on top, some on top of existing tariffs. it is not always linear. as tariffs increase, sometimes be passed through to consumers gets bigger and

bigger. people forget theirs. —— abyss. we cannotjust take what happened in the past and so it happen again. it can be even more inflationary force of already hearing from some industries that they were able to absorb some tariffs in the first round, they won't be able to do that moving forward. it might be pretty hard to save us consumers from further tariffs on key consumer goods industries. t on key consumer goods industries.— on key consumer goods industries. ., ~' ., industries. i would like to get our industries. i would like to get your take _ industries. i would like to get your take on _ industries. i would like to get your take on his _ industries. i would like to get your take on his energy - industries. i would like to get| your take on his energy policy. the white house declaring national energy emergency. already signed various executive orders enabling new drilling, etc, withdrawing from the paris climate agreement. your thoughts on where this takes the us and what it means for the climate crisis. the

president _ for the climate crisis. the president trump - for the climate crisis. the president trump has - for the climate crisis. tte: president trump has been very clear in terms of, he also declared national emergency in terms of the southern border for immigration and then of course that is a lot more understandable than the energy issue. that is what he did. but perhaps this just allows some of the drilling to be expedited, this president is very interested in an energy abundant policy moving forward and it could help to counter some of the inflationary impact of the tariffs. but the next step that could happen could help to counter some of that inflationary effect of the tariff. christine, we appreciate your time, thank you for talking to us on bbc news.

president trump has signed an executive order granting tiktok a 75—day extension to comply with a law that requires a sale or ban of the platform. he says during that time, the united states will not enforce the law passed by congress last year and signed by former presidentjoe biden. when asked by a reporter why he's had a change of heart since trying to ban tiktok in 2020, trump responded: "because i got to use it." around the world and across the uk. this is bbc news.

us markets were closed for the martin luthur king day live now to washington at almost one in the morning were inaugural celebrations are continuing, they are yet to wrap up. the starlight ball is

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