donald trump retakes the white house four years after his first term with the wave of executive actions and orders targeting energy and immigration and trade policy and regulation. >> we're thinking in terms of 25% on mexico and canada because they're allowing vast numbers of people. canada's very bad abuser. vast numbers of people to come in and fentanyl to come in. >> when would you enact that? >> i think february 1st. i think we'll do it february 1st.

the president directing federal agencies to study tariff policy on two of the top u.s. trading partners. >> we will build our automobiles in america at a rate nobody could have dreamt possible a few years ago. >> the president sharing his vision for the u.s. manufacturing renaissance with the u.s. car production front and center. the global reaction ahead. markets are trading higher as america braces for the next four years. it is tuesday, january 21st, 2025. you are watching "worldwide exchange" right here on cnbc. good morning. welcome to "worldwide exchange." thanks for being with us. i'm frank holland. with me for the hour is marc short, former chief of staff to former vice president mike pence. we will talk executive orders

and tariffs and trade. first, a check on u.s. stock futures on this second day of the new trump administration. the dow and s&p coming off the best week since november. futures in the green across the board. the dow up almost 200 points. one-third of a uerto rico perce. taking a look. a lot of action when it comes to the pre-market this morning as you can see. green across the board. at the top of the list an energy name, vistra. those shares up 5%. followed by intel and moderna and charles schwab. we want to see how europe is opening up on the second day of the trump administration. we are seeing mostly green. the ftse mib is down fractionally. the cac 40 is up .25%. the dax is up fractionally as well. the bond market is up at 4.5%

ahead of services and manufacturing pmi. we want to look at the oil market. remember, the president speaking a lot about his energy policy. right now, look at oil. oil is pulling back. wti crude down 1.75%. brent crude down 1%. we have to look at cryptocurrency. take a look at the moves there. cryptocurrency moving higher into the inauguration. pulling back a bit right now. ethereum 1.5%. solana and ripple. the president and first lady launching meme coins. both worth billions on paper. much more on that coming up this hour. back to donald trump on the first day in office. signing 50 executive orders. the executive orders included a

pause for 75 days for tiktok. one related to diversify and immigration and climate. the president not giving any explicit orders for tariffs on canada, but impose duties on mexico and canada by february 1st. >> we're thinking in terms of 25% for mexico and canada because they're allowing vast numbers of people. canada's very bad abuser also. vast number of people to come in and fentanyl to come in. >> when would you nact that? >> i think february 1st. i i think we'll do it february 1st. >> let's bring in former staff member marc short. >> thank you for having me. >> i want your take on the tone of the inauguration speech and the executive orders. >> i think the president is a man of action. no doubt, there is a new sheriff

in town. he wanted to be clear there is a change from the biden administration policies. i think big picture for markets. you will continue to see the tension over the next four years. he will advance a derogatory -- de-regulatory agenda. there is less about the china trade policy. the biggest priority for the next couple years is extending the tax relief he passed in 2017. there was little conversation. >> that was absent. no talk about tax cuts. that's one of the headline priorities, at least we thought it was before the inauguration of the administration. what did you make of that? the fact there was emphasis on manufacturing and so little on taxes? >> on the tax front, it will be a long year. the expectation is you have a

republican house, republican senate and republican white house. this is going to happen quickly. frank, there was an 18-seat majority in the house. today, speaker johnson has a two or three-seat majority depending on absences. it is difficult to get this passed. maybe he idn't want to set false expectations. i think it was a miss. he should have been talking about that. from the president's first administration, he was strong against china to embrace tiktok. it was his administration that said tiktok should be banned with the chinese spyware. he is reverse of that. as well as the nippon steel deal, for the u.s. workers, that was an important deal. japan is our ally. by partnering to block it, you are making china the biggest

steel maker in the global. >> were you surprised there wasn't more talk about tariffs? there was talk about the external revenue service and collecting money from other countries. that's not how tariffs work. surprised we didn't hear more afterwards where he talked about tariffs on mexico and canada possibly february 1st. >> it's important to remember under 301 or 232, the code, it is required to do an investigation first. perhaps a bit of false optimism on that. he needs to have an investigation before he can impose the tariffs. when i says in that press clip by february 1st, that would be a pretty fast investigation. i think he is signaling he is serious about moving forward in the tariffs. >> the tariffs on canada and mexico. i said china the first time. also important to note, the cabinet gets to do the investigation. hard to imagine they wouldn't find the needs for tariffs.

he believes there needs to be some type of tariffs. >> i believe the merce department will come back quickly with the unfair trade practices. it is interesting on canada and mexico. one of his biggest an achievements in the first administration is the u.s. mca with the trade in canada and mexico. that's where he wants to start. frank, i do think it's going to be more global. >> marc, stick around. we will talk with you throughout the hour. we want to move back to the markets. choppy reaction to markets around the world today to president trump's return to the white house and plans to impose 25% tariffs on mexico and canada on february 1st. for more, let's bring in colm ethridge. >> good morning. good to see you. >> i want to get your reaction on the futures. futures in the green. tech stocks moving higher as well. >> i think the markets are

probably going to respond favorably this week to the second trump trm erm the way itd following the election. we heard february 1st is his target to make significant moves. i think that's where we can really start to focus on where the ets are going versus everything campaign rhetoric and lead-up to the actual inauguration day. >> i want to talk about the market with cryptocurrency. right now, we are looking at bitcoin back above 100,000. we did see it move higher going into the inauguration. it cooled off a bit. what do you make of the moves in cryptocurrency? how do you see cryptocurrency playing a part and portfolio management and investor attention as we continue to look at the next four years of this administration? >> yeah, i think the president made some really big promises around crypto. that is part of what got him elected in the first place. i do expect a lot of focus will be paid to that industry from his office. i also think it's a good time to

focus on the other places to go from an institutional perspective. we look at crypto now accepted inside 401(k) plans and other retirement accounts. i think that is a big boon for the industry especially when we hear about de-regulation on the heels of trump 2.0. >> malcolm ethridge, thank you very much. a lot more to come on "worldwide exchange," including president trump's pledge to make u.s. a manufacturing renaissance. plus, china absent from trump's day one actions and comments. we have aconreti from beijing coming up. keep it here. "worldwide exchange" is back after this break. i'm also a library board trustee, a mother of two, and a grandmother of two. about five years ago, i was working full time, i had an awful lot of things to take care of. i needed all the help i could get. i saw the commercials for prevagen.

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welcome back to "worldwide exchange." president trump put the inauguration front and center with the auto industry and new executive order revoking federal support for the sale of electric vehicles. >> we will revoke the electric vehicle mandate saving our auto industry and keeping my sacred pledge to our great american auto workers. in other words, you will be able to buy the car of your choice. we will build automobiles in america again at a rate that nobody could have dreamt possible just a few years ago. >> a few moments ago, chrysler

parent company stellantis is well to adapt to policy changes announced by president trump. we have the president of the automotive industry representing 400 global manufacturers including bmw and mercedes-benz. marc short still with us. thank you for joining us. >> good morning from berlin. >> i want your reaction to the executive order. i understand you have been in contact with the new administration. what are you two saying about possible tariffs and about german vehicles here in the u.s.? this is a big market for german vehicles here. >> i think however opportunistic measures are a step back from international trade and at the end of the day, free global trade and guarantees with labor forces on both sides of the atlantic. at the end of the day, tariffs leads to higher prices for the

customers and that means at the end of the day also inflation. the german automotive industry is very well engaged in the united states. we have more than 140,000 employees on the ground. we produce 900,000 cars. there is a great commitment for the u.s. we also need to have open markets for trade for exchange. that's the best way. >> you believe you want open markets. i want to ask you when we talk about electric vehicles, there is a big push to transition to electric vehicles. do these tariffs and things the president has said about rolling back policies with electric vehicles, does that change your business strategy or manufacturing strategy in any way? >> i don't think so. we also say it is necessary to have technology openness. we also have a clear message we want to reach the climate goals. we are convinced that mobility on top of the priorities for reaching the goals. i think the world of the state

would be to support for example the question of infrastructure to building power grids and so on, not giving subsidies for cars. that's another question. the infrastructure is needed and we believe that the future mobility must be climate neutral and digitalized. >> you are also hoping for further discussions. what would those discussions be when we talk about the new administration? what do you want to talk about? it seems tariffs are almost a certainty. what conversations do you need to have to ease the trade in your mind? >> i still think both sides really have a lot from the open markets we had in the past. in the last year, we produced over 900,000 cars in the u.s. more than ever before. from the united states cars, half go to exports. have of them have an interest in open markets. secondly, for me, when you look at the global challenges we

have, the transatlantic partnerships is worthy for both sides of the atlantic. so, working together and that is mentioned president trump yesterday said america first doesn't mean america alone. let us keep in contact. let us work on the transatlantic partnership. >> one last question if you don't mind, hildegard, do you lower prices and absorb the potential tariffs? how does that impact your ability to sell here in the u.s.? >> the strategy of every company is made by the company. at the end of the day, tariffs leads to higher prices for everyone. for the customers, for the companies and at the end of the day, the cost s and possibly to produce in every country and at the end of the day, it leads to inflation. so, price is one thing, but i think we have to keep the tariffs also on the cars. >> hildegard, one question

quickly. i think president trump views markets to get access to america, people should pay a price. i'm not saying that's the appropriate way to look at it, but what is europe doing to provide greater access to auto manufacturers? that is one thing if you have tariffs coming your way. >> every produced car from everywhere in the world is welcome. we want open markets. at the end of the day, the customer has to decide in which he trusts. for us, it is very important. we are not only exporting cars, we are also an employer in the united states. we want to produce and why use network we have with canada. when you look at the transit with the u.s. export with 140,000 labor force, for example, that shows president trump it is in his interest to have a viable automotive

industry all over the world, not only in the u.s. >> you are facing a lot of competition from chinese evs in europe with the protectionists policies in the u.s. i want to ask a similar question from earlier. how does it change the business strategy and how does it impact pricing? what is the shift you will make? we heard stellantis is well positioned. are you well positioned for the potential shift in trade policy? >>positioned as we can be. we on't know the clear tariffs are policy. we ave to go on talking with the new administration. you mentioned china for example. the german automotive industry sells hundreds more cars in china. the open market guarantees for prosperity and technical development. i think it should also be part of the talks we will have with the government to have this question. how can we have the greatest impact from both sides of the

atlantic and with all partnerships we have right now. a lot of american companies are producing in germany and vice versa. that is the best international trade. >> the trade group hoping to have discussions with the trump administration. thank you for joining us. we stay on the topic of manufacturing and ariffs. our eunice yoon visiting one export center to look at how chinese factories are preparing for tariffs. >> reporter: hoping to beat trump's tariffs, furnish after seller harley lee is doubling the products to the u.s. and storing them in warehouses there. four of five tables and other furnishings are sold to american consumers. we expect to stole piling will force to raise prices as much as 10% even before the tariffs. i have to ship them in advance and take on more risk, he says.

water purifier is scouring the globe to supply the u.s. by creating a new production base outside of china. the company tesran is considering vietnam, malaysia and mexico. at the moment, leaning toward dubai although it will increase costs 30% compared to china. the domestic market is too competitive. we have been waiting to jump out of it for some time. trump's tariffs gave us the final push. this member who makes skin care products is worried he may have to stop exports to the u.s. completely. he got hit with tariffs 20% during donald trump's first term. with the thin margins, he hopes to pass on the tariff to the customers. in the past, we all felt the u.s. market was greatest market that everyone wanted to sell to, but with all of the uncertainty

u.s. is less attractive. it's a pity. all of the manufacturers i spoke to are in deep discussions trying to figure out exactly how the trump tariff should be broken up. how much they can absorb, frank, and how much should be passed to u.s. partners and u.s. consumer can tolerate. >> eunice, interesting to hear from the manufacturer with the shift in sentiment. previously, he thought the u.s. market was the golden goose and now the situation has changed. i know you talked to a lot of manufacturers. are they talking about moving outside of china or supply chains so set they can't do that? >> reporter: some of them are talking about moving their supply chain outside of china or at least diversifying a little bit. it really is going to depend, i think, where the tariffs are set because china has a lot of

advantages. it's highway efficient, they had decades long relationship with american companies. there are a lot of reasons to be here. if those tariffs are set, say higher for china, however, if president trump for example hits canada or mexico with higher tariffs then china, they are incentivized to stay here. >> one key part of the discussion you had with the manufacturer was margin. he has a thin margin business which changes his perspective. what are you hearing from those manufacturers? >> reporter: well, you know, it's really all over the map. people are all guessing different numbers. we were talking to people and it was people thinking that the expectation is the tariff is between 10% or 60%. a lot of uncertainty right now, but i think what's interesting is all of them have a breaking point depending on what industry they're in and how big their

margins are. there's this risk as you were discussing at the store, the prices are going to be higher, but also a risk these companies are going to decide it is uneconomic for them to continue to sell to the u.s. that would mean americans have fewer choices. >> eunice, stay with us. i want to bring marc short into the conversation. marc, we talked about the president and in some cases, he is trolling and some cases negotiations and some cases he is serious about what he was talking about. we don't have a lot of clarity on the tariffs in china. people are taking this seriously. is this already a victory for him another country is responding to the idea he might implement tariffs? >> i think so. the trade change on china was an enormous victory. it changed the way our nation talks about the relationship with china. you have to remember in the 1990s, if china opens the markets, there are other free

comes. i think when president trump put on the tariffs initially, it was manufacturing changes. you saw companies moving to vietnam and other places for manufacturing. you saw the biden administration maintain most of the tariffs. i think the president would like to find a big deal with china even when he is trolling, he is always still negotiating. i think in the back of his head, i think is how can he get a final deal with china: . >> you are saying this is a mix. >> vice president pence gave two speeches. before he gave them, he said mike, don't get too tough on china. he talks tough, but he wants a deal. >> very interesting insight. i want to point out, were you the head of the white house head of affairs. you have sight to the dealmaking. you were advising the vice

president and the president on the trade policy that he has to figure out when it comes to tariffs and working with different governments. marc, thank you. we want to thank eunice yoon. coming to us live from beijing. coming up on "worldwide exchange," we have more on deck, including the future of u.s. immigration policy under president trump and what investors can take from trump's 25% tariff threats from canada and mexico. we have the former secretary chris campbell coming up after this break. stay with us. ♪♪ ♪♪ ♪♪ ♪♪ at state street, we know everyone's trying to get somewhere. ♪♪ take the next step toward your future, by investing in the s&p 500 with spy. getting there starts here. when the temperature drops... by investing in the s&p 500 with spy. you've got two choices.

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my recent election is a mandate to completely and totally reverse a horrible betrayal and all of these many be trayals and give back their faith and freedom. from this moment on, america's decline is over. >> this was president trump yesterday vowing national success during the inauguration speech. implementing his agenda right away signing executive orders and touching on the economy.

welcome back to "worldwide exchange." i'm frank holland. we will have much more on the first day in office and what's in store on day two. with me this hour is marc short. first, a check on u.s. stock futures on day two of donald trump's second day in office. the dow and s&p coming off the best week since november. futures in the green acrossed board. moving- higher a half hour ago. the s&p up 30 points. right round .50%. the nasdaq up 126 points. all three indices up. in the green across the board. i want to look at the top gainers on the nasdaq 100 in the pre-market. you see intel at the top of the list. shares up just about 4%. chipmaker a beneficiary of chips act money. pdd holdings up followed by energy company baker hughes and

asml. those shares up 2.3%. we look at the oil market this morning. oil pulling back this morning. wti crude pulling back 2%. trading at $76.35 a barrel. brent crude pulling back more than 1%. we're looking at cryptocurrency. bitcoin above 100,000. this morning, pulling back 1%. trading at $102,950. ether and solana and ripple in the red. the president and first lady launching a pair of meme coins in the lead up to the inauguration. both already worth billions of dollars on paper. turning back to d.c. and president trump signing 50 executive orders on day one. that including a rollback of the 80 biden orders and not directly tackled on day one, president is looking to a tariff filled

february. >> we're thinking in terms of 25% on mexico and canada because they're llowing vast numbers of people. canada is a very bad abuser. vast number of people to come in and fentanyl to come in. >> when would you enact? >> i think february 1st. i nk we'll do it february 1st. >> joining me now is chris campbell. marc short also still here with me. chris, good morning. thank you for joining us. >> good morning, frank. good to be with you. good morning, marc. >> i think we have to start off with the executive orders when it comes to tariffs. what was your view of what we heard and what we didn't hear when it came to the executive orders and the fact the president talked about the external revenue service, but didn't mention china? >> i agree with marc that the president wants to drive to a big deal on china. he uses -- he sees tariffs as a

very effective negotiating tool of many that he uses in his arsenal. i think he'll use them again like he did the first administration to drive toward and discipline countries that, you know, that we have a trade imbalance. >> chris, this is marc. i think in the first administration, steve mnuchin and you guys were successful at continuing to advance trade even though the president had targeted rhetoric toward china. do you see it the same way the second go around or do you think president trump is looking to a more protectionist policy globally? >> marc, as you know, the president likes to do a deal. he's never seen a big deal he's never wanted to conquer. i think he wants a big deal on china. i think it's a good early indication to see how the administration postures on tiktok. he will effectively use every tool in the arsenal to drive a big deal that would keep

americans safe and keep americans access to tiktok which is certainly very tough negotiations in beijing. i think it ultimately will drive toward an outcome. he will use the tariffs like he did in the first administration to help drive the big deals. >> chris, i want to talk about something else's that was absent in the inauguration speech. any direct discussion about taxes and tax policy? what did you make of that? i'm sure you are very familiar with some members of the economic team. what is going behind the scenes with that tax policy? >> look, no secret the president's 2017 tax bill, the tax cut and jobs act -- sorry, trump tax cuts of 2017, many are set to expire at the end of this year. there is the unified republican congress, the president is going to drive toward a very large economic bill, package, that

will, you though, make permanent many of the tax cuts and also drive toward answering and delivering the promises he made in the campaign which is no tax on tips and no tax on social security benefits and others that will ultimately be included in that one large pack age whic will be done by reconciliation. only republicans are needed to pass that bill. i expect that package to be addressed early in the administration. it is crucial to the overall president's economic message and economic policy. >> chris, i want to play a sound bite for you if you don't mind. it is the president's plan on the administration. the reality of what he had to say. >> i will direct all members of my cabinet to marshall the vast powers at their desk isposal to defeat record inflation and

rapidly bring down costs and prices. >> chris, your take. he says he's going to get the cabinet to work on bringing down prices and inflation. you worked in the administration. this is an edict from him. how realistic is it? >> if you bring down regulations and look at overall the economy in a holistic economy, which he tries to tend to do, it's taxes and it's regulations and it's ability to be able to deliver, you know, cheap energy to america and american businesses and unleash innovation in our country and with that economic growth, true economic growth and not government spending, but true economic growth in the private sector, you can see inflation come down. that is the way he will do it. i think by suggesting across the board every member of his cabinet look to try to tackle

inflation, across the board, it's a reduction of government spending and driving smarter policies and smarter spending policies from washington and also making it easier for small businesses and businesses around the country to hire new people. >> chris, i have to ask you to inflation and tariffs -- excuse me, immigration and tariffs. do you believe at the cabinet level, the agency level, you can offset inflation from other policies? >> if you look at the president's economic policies holistically and the tax policy and tax burdens across the board for americans, not just on the wealthy, but every day americans as well, you see across the board tax cuts, you couple that with perhaps some increase in tariffs which i think will be temporary in order to drive larger deals with mexico,

canada, china and many others. i think that's -- it would be largely mirrored what we saw in the first administration. again, remember, president trump takes credit for this. there wasn't enormous inflation spikes, but he used tariffs to get u.s. mca and other issues addressed. >> chris campbell, thank you very much for your time and insight. have a great day. coming up on "worldwide exchange," more on president trump's second term. why our next guest believes the policies will do more harm than good in fueling growth. stay with us. got eyelid itching, crusties and swelling that won't go away? it could be...

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welcome back to "worldwide exchange." we mentioned a few moments ago, president trump will use the power of his office to bring down inflation during the inaugural address. he signed executive orders aimed at lowering prices. he made changes to immigration and border security. joining me now is seth carpenter and marc short also still with us. seth, good morning. thank you for joining us. >> great to be here, frank. how are you? >> i'm doing great. i want to talk about the last point we hit on. the potential sweeping change with immigration policy. the president saying he would remove a number of criminal

aliens as he called them. we could see widespread deportation. how does that impact the labor market and potentially inflation? >> i think it's a huge possible change to the economy. i think what remains to be seen is the details in how it's carried on ut. we had rapid growth in 2023. 2.8% growth in 2024. the whole time inflation was coming down, especially services. what made that possible was the large increase in labor supply driven by immigration. so, if you reverse that trend, the same trends tend to reverse. the question is how big is it and how large the overall effect. as a rule, it puts modest upward pressure on inflation much more in 2026 because the cumulative

effect builds over time. we are looking for extra inflation as well in the services sector. >> you believe the change in immigration policy may have a modest impact on inflation. tariffs are a different story. if we see widespread tariffs, that impact is immediate, but the growth will take some time. explain that. >> that's exactly right. just to be clear on immigration, the reason why we think the effect this year on inflation is modest is because we assume the restriction takes place over time. everything happens all at once and we shutdown the border and start a mass deportation on day one, that's a very different story. it has meaningful negative effects. for tariffs, the evidence from 2018 and 2019 is that inflation shows up and there's an inflationary effect on goods after two or three months. fairly rapid.

there's also an under appreciated negative effect. tariffs are taxes on consumer goods which is half what we import from china. it is also cap ex spending. we import capital goods production. the hit to growth takes two-to-three quarters. that's the disconnect. the hit to growth takes two-to-three quarters. >> seth, this is marc short. i think president trump is looking to drive the higher interest rates. he is somebody who wants to push down interest rates. he tried to push the first time to get rates down. he also wants a weaker dollar. he thinks that helps domestic manufacturing. how does he achieve those at the same time? >> i think it is a difficult combination of things. now, restricting overall

spending is possible in some of the discussions that have come out in trimming discretionary spending. the numbers are likely plausible. lower spending is likely to slow the economy which will let the fed keep lowering interest rates. i think the tricky part is can you keep the economy going as strong as it is right now. the economy is coming off a solid position. can you keep that going while bringing inflation down and bringing interest rates down? >> seth, put a bow on it for us. a flurry of executive orders. rhetoric from the president. how do they interpret the tariffs and changes to immigration policy and idea of external revenue service. you've been in the rooms. you know the officials. what's their take? >> i mean, if i'm sitting with chair powell and the rest of the fmoc, you have to be nimble and

agile and react to lots of things. what we need to see are the actual details and implementation. let's be frank, i spent time writing down models and productions and forecasts how the policies are going to affect me. there are so many variables, it is impossible to know ahead of time. i think what chair powell is going to do is wrestle with the same view. tariffs push up inflation in the near term and push growth down over time. they have to wait to see what is implemented and the effect on the economy. then they'll react. i think they assume the effect on tariffs is temporary. they have to wait and see what unfolds. they will be on high alert. when the inflation shows up in the economy, that's it for rate cuts from the fed until they see one of few things. either inflation keeps going up and maybe they turn around and hike more or see the economy slow down and they may start

consuming rate cuts. >> seth carpenter, i appreciate your insight from your years at the fed. really appreciate your time this morning. much more on "worldwide exchange," coming up and final thoughts from marc short.

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the inflation crisis was caused by massive overspending and escalating energy prices and that is why today i will also declare a national energy emergency. we will drill, baby, drill. >> that was president trump repeating drill, baby, drill talking about his energy policies. look at stocks this morning. we are seeing a bit of mixed reaction. all in the green, however. chevron up .50%. baker hughes up 2%. still here with us is marc short. marc, i want to talk about the energy policy. i can't believe we haven't touched on this. the president saying drill, baby, drill. can he compel the oil opens? >> i don't think they need compelling. if he is pulling back on the restrictions of the biden administration, some of the

conversation trying to reopen the keystone pipeline, that all encouraging production. the more production we can get, the more we bring down prices. it will be great for the energy industry. >> i want to go back to the topics we talk about it to put a button on things. absent was talk about taxes and trump taxes. >> i think it is the biggest legislative issue of the year. it is also related to energy. frank, if you listen to the chambers, the senate wants two bills, the house wants one bill. the senate wants an energy and border bill first under reconciliation to get something under the president sooner. the house, because the margin is so small, they need to win over the reluctant republicans. they want border issues and energy to win over the conference to say we'll have one giant bill at the end of the year. this is a long process.

i think expectations are republican house, republican senate, republican white house. this is going to get done quickly. it's not going to get done quickly. it is complicated and tight margins in the house. it's going to be a long year on the hill trying to get this accomplished. >> i want to talk about tariffs. we don't have clarity. we heard the president to talk about the potential for tariffs on february 1st on canada and mexico. there has to be an investigation. it's done by his cabinet officials. your view on the tariff policy. we got reaction earlier this hour who were preparing and shifting. >> i think again as great as he is on the regulatory front, i think tection you have ists tra policies are an issue. he is much more protectionist. i hink there is a sense of the market that is talk and not sincere, i think he will push through tariffs on the second administration. >> marc short, thank you for joining us this hour.

your insight is invaluable. great to have you here to look at the second day of the trump administration. the first market day. >> thanks, frank. i appreciate it. coming up, we have "squawk box" right now. it starts on the grounds of davos talking to the ceo of pepsi and gap and more. thank you so much for joining us. much more on the inauguration of donald trump and his administration here on cnbc. good morning. welcome to a special edition of "squawk box" live from davos and washington and we have reaction from policymakers around the world. it is tuesday, january 21st, 2025. "squawk box" begins right now.

good morning, everyone. welcome to "squawk box" here on cnbc. i'm becky quick live from washington, d.c. and andrew ross sorkin is live from the world economic forum in davos. andrew, this is a big show. i don't know about there, but it's pretty cold here. what's happening in the swiss alps? >> not as cold here. we were watching from davos throughout the day during what was some pretty incredible coverage of the inauguration. of course, that by the way is the topic at the world economic forum. you can't go anywhere without anybody talking with it. we are here in davos. nearly 3,000 business titans, politicians and heads of sta