Trump Is Holding Off On Tariffs But Betting Day 1 Moves Can Cut Energy Prices And Tame Inflation

Donald Trump is holding off on tariffs during his first day and placing a big bet that his executive actions can cut energy prices and tame inflation. But it's unclear whether his orders will be enough to move the U.S. economy as he promised.

Orders coming Monday, including one tied to Alaska, are meant to ease the regulatory burdens on oil and natural gas production. He also intends to declare a national energy emergency in hopes of jumpstarting more electricity production in the competition with China to build out technologies such as artificial intelligence that rely on data centers using massive amounts of energy.

Trump plans to sign a presidential memorandum seeking a broad-based government approach to bringing down inflation.

All those details are according to an incoming White House official who insisted on anonymity while outlining Trump's plans during a call with reporters.

The official said the new administration, on his first day in office, will end what Trump incorrectly calls an electric car "mandate." While there is no mandate from outgoing Democratic President Joe Biden to force the purchase of electric vehicles, his polices have sought to encourage Americans to buy EVs and auto companies to shift from gas-powered vehicles to electric cars.