President Donald Trump will sign a memorandum directing federal agencies to pursue an “America first” trade policy but will stop short of imposing tariffs on his first day in office.

Trump, 78, was sworn into office at noon Monday in the rotunda of the Capitol Building. He campaigned on beefing up tariffs, but his first action on the trade front will rather direct his administration to study trade policies and examine trade relationships with allies and adversaries alike.

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