Donald Trump, sworn in Monday as the 47th President of the United States, used his inaugural address to pledge sweeping changes to America’s trade policies, including tariffs and taxes on foreign imports. Speaking from the US Capitol, the 78-year-old leader reiterated his commitment to a nationalist economic agenda, vowing to overhaul the trade system to prioritize American workers and families.

“I will immediately begin the overhaul of our trade system to protect American workers and families,” Trump declared. “Instead of taxing our citizens to enrich other countries, we will tariff and tax foreign countries to enrich our citizens.”

Since his election victory in November, Trump has signaled a willingness to target both allies and adversaries with tariffs to address US economic and security concerns. Key targets include Canada, Mexico, and China, which Trump accused of contributing to illegal immigration and the flow of fentanyl into the United States.

During his campaign, Trump proposed imposing 25% tariffs on Canadian and Mexican imports and an additional 10% on Chinese goods. He also hinted at the possibility of even steeper tariffs on Chinese imports to push Beijing into tougher action on US priorities.

While Trump stopped short of announcing specific tariffs during his address, he outlined plans to establish an “External Revenue Service” tasked with collecting tariffs, duties, and other trade-related revenues. He also revealed plans for a “Department of Government Efficiency” aimed at reducing federal spending.

Trump’s rhetoric marks a return to the trade-focused policies that defined his first term as president, drawing both praise from supporters of economic protectionism and criticism from free trade advocates who warn of potential global retaliation.

Observers are now closely watching Trump’s next moves as his administration begins to implement the promised economic overhaul, which is expected to reshape America’s trade relationships and its position in the global economy.