Trump promises ‘golden age’ after inauguration, as he issues executive orders on immigration and energy

Live updates: Follow the latest on Donald Trump’s inauguration

Donald Trump said a "golden age" had begun for the US as he was sworn in as President on Monday, capping an extraordinary political comeback. His second term in the White House is expected to reshape American institutions and set the country on a starkly different path than the past four years under Joe Biden.

The new President took his oath of office at a solemn ceremony under the Rotunda of the US Capitol, the same building his supporters stormed in 2021, leading to Mr Trump's second impeachment.

"The golden age of America begins right now," he said in his inaugural address. "From this day forward, our country will flourish and be respected again all over the world. We will be the envy of every nation, and we will not allow ourselves to be taken advantage of any longer. During every single day of the Trump administration, I will very simply put America first."

Mr Trump was sworn in immediately after his Vice President, former senator J D Vance, took the oath of office. Mr Trump ordered the event to be held indoors because of snow, ice and freezing temperatures in Washington. Cannon fired a salute outside the Capitol as he was sworn in.

Mr Trump, 78, moved quickly to put America on a new course after four years of Democrat rule under Mr Biden. Within hours of his inauguration, he signed several far-reaching executive orders, including on immigration and the environment. He ordered the US to leave the Paris Climate Accord, as he did in his first term, only for Mr Biden to rejoin in 2021.

Mr Trump said he would declare a national emergency at the US-Mexico border and would "begin the process of returning millions and millions of criminal aliens back to the places from which they came".

During his 30-minute address, he declared the beginning of “a thrilling new era of national success” as “a tide of change is sweeping the country" and criticised the Biden administration as a "betrayal" against the American people.

The former government could not "manage even a simple crisis at home, while at the same time stumbling into a continuing catalogue of catastrophic events abroad", Mr Trump said, as Mr Biden looked on. "It fails to protect our magnificent, law-abiding American citizens, but provides sanctuary and protection for dangerous criminals."

Mr Trump added that his legacy would be that of "peacemaker" and his administration would "stop all wars".

He also referred to his difficult path back to the White House, which included two assassination attempts, one of which involved a bullet nicking his ear at a campaign event in Pennsylvania.

"My life was saved for a reason. I was saved by God to make America great again," he said.

The Republican won the election and a second term by building a new coalition that included working-class voters of all races. His economic message resonated with an electorate furious with the Biden administration over high inflation and rising prices for goods ranging from eggs to petrol.

Mr Trump said he would reinvigorate American manufacturing by declaring a "national energy emergency" and pledged to exploit the country's fossil fuel resources.

“We will drill, baby drill,” he said. “America will be a manufacturing nation once again and we have something that no other manufacturing nation will ever have, the largest amount of oil and gas of any country on Earth, and we are going to use it.”

After the ceremony, Mr Trump attended an event at a local arena where he signed several executive orders in front of a cheering crowd. He was due to sign more on his return to the White House late on Monday, including orders aimed at clamping down on border crossings, increasing fossil fuel development and ending diversity and inclusion programmes across the federal government.

Mr Trump is only the second US leader to return to the White House for a non-consecutive second term. He was voted out of office during the Covid-19 pandemic, largely because of his response to the disaster that killed more than a million people in the US.

He has also made history by returning to the White House as a felon, having being convicted in New York for covering up hush money payments during his first campaign in 2016.

He claimed that election was “rigged”, leading his supporters to rally in Washington on January 6, 2021. Thousands went on to storm the Capitol. Mr Trump said he would order the release of most of those convicted for their actions that day.

“I return to the presidency confident and optimistic that we are at the start of a thrilling new era of national success. A tide of change is sweeping the country,” Mr Trump said in his inaugural address. “My message to Americans today is that it is time for us to once again act with courage, vigour and the vitality of history’s greatest civilisation.”

Mr Trump, who benefitted from the support of SpaceX chief executive Elon Musk, said the US would go to Mars. He was joined by the world's richest man and other tech titans at the inauguration.

“We will pursue our manifest destiny into the stars, launching American astronauts to plant the Stars and Stripes on the planet Mars,” the President said. “If we work together, there's nothing we cannot do, and no dream we cannot achieve.”

He will enjoy a Republican majority in both chambers of Congress, as well as a conservative-leaning Supreme Court.

The Senate, under Republican control, worked into the evening to help Mr Trump, and senators unanimously approved Marco Rubio's nomination for Secretary of State.

Before dawn on Monday, thousands of Trump supporters braved temperatures of about minus 7°C to queue in hope of entering the arena that was to host Mr Trump. Ordinarily, inaugurations are held on the National Mall, however Mr Trump's decision to take the event inside meant only a fraction of his supporters would be able to see him.

Connie Waters, 56, said she was excited for Mr Trump to “put us back in action”.

“We have a small business, and we were closing it last year to retire and weren't planning to sell it or reopen it because of the way the economy was,” Ms Waters told The National. "But since he's in office now, our son's going to take it over and we're going to keep it rolling."

She added that the Gaza ceasefire and hostage exchange deal, which came into effect on Sunday, was proof that “other countries respect him immensely”.

The National Mall, in front of the Capitol building, was largely quiet, but a few Trump supporters made the most of the moment regardless.

“We’re from Florida and we drove up here,” said Chris Miller. "We tried to return into Capital One Arena where the rally was being held, but the lines were too long."

Chris Gibson from South Carolina said he was in Washington for Barack Obama's inauguration and is now back for Mr Trump's.

"I'm very happy with the way it's turned out," he told The National, referring to Mr Trump's electoral win in November.

But Mr Gibson expressed disappointment over the inauguration being moved indoors because of extreme cold weather. "Because, obviously, you can see we're not covered in six foot of snow. Nobody's dying out here, not from snow, you know, and nobody's out here starting fights," he added.

A Trump supporter wears a 'Make America Great Again' hat near the US Capitol on Monday. AFP

Ten tax points to be aware of in 2026

1. Domestic VAT refund amendments: request your refund within five years

If a business does not apply for the refund on time, they lose their credit.

2. E-invoicing in the UAE

Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption.

3. More tax audits

Tax authorities are increasingly using data already available across multiple filings to identify audit risks.

4. More beneficial VAT and excise tax penalty regime

Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.

5. Greater emphasis on statutory audit

There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.

6. Further transfer pricing enforcement

Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes.

7. Limited time periods for audits

Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion.

8. Pillar 2 implementation

Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.

9. Reduced compliance obligations for imported goods and services

Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations.

10. Substance and CbC reporting focus

Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity.

Contributed by Thomas Vanhee and Hend Rashwan, Aurifer

THE BIO:

Favourite holiday destination: Thailand. I go every year and I’m obsessed with the fitness camps there.

Favourite book: Born to Run by Christopher McDougall. It’s an amazing story about barefoot running.

Favourite film: A League of their Own. I used to love watching it in my granny’s house when I was seven.

Personal motto: Believe it and you can achieve it.

KILLING OF QASSEM SULEIMANI

National Editorial: Suleimani has been killed, now we must de-escalate

Mina Al Oraibi: Air strike casts a long shadow over the decade ahead

Jack Moore: Why the assassination is such a monumental gamble

Matthew Levitt: Iran retains its ability to launch terror attacks

Damien McElroy: A CEO tasked with spreading Iran's influence

Hussein Ibish: Trump's order on solid constitutional ground

Simon Waldman: Cautious Israel keeping a low profile

Results:

2.15pm: Handicap (PA) Dh60,000 1,200m.

Winner: AZ Dhabyan, Adam McLean (jockey), Saleha Al Ghurair (trainer).

2.45pm: Maiden (PA) Dh60,000 1,200m.

Winner: Ashton Tourettes, Sam Hitchcott, Ibrahim Aseel.

3.15pm: Conditions (PA) Dh60,000 2,000m.

Winner: Hareer Al Reef, Gerald Avranche, Abdallah Al Hammadi.

3.45pm: Maiden (PA) Dh60,000 1,700m.

Winner: Kenz Al Reef, Gerald Avranche, Abdallah Al Hammadi.

4.15pm: Sheikh Ahmed bin Rashid Al Maktoum Cup (TB) Dh 200,000 1,700m.

Winner: Mystique Moon, Sam Hitchcott, Doug Watson.

4.45pm: The Crown Prince Of Sharjah Cup Prestige (PA) Dh200,000 1,200m.

Winner: ES Ajeeb, Sam Hitchcott, Ibrahim Aseel.

RESULT

Wolves 1 (Traore 67')

Tottenham 2 (Moura 8', Vertonghen 90 1')

Man of the Match: Adama Traore (Wolves)

WHAT IS GRAPHENE?

It was discovered in 2004, when Russian-born Manchester scientists Andrei Geim and Kostya Novoselov were experimenting with sticky tape and graphite, the material used as lead in pencils.

Placing the tape on the graphite and peeling it, they managed to rip off thin flakes of carbon. In the beginning they got flakes consisting of many layers of graphene. But when they repeated the process many times, the flakes got thinner.

By separating the graphite fragments repeatedly, they managed to create flakes that were just one atom thick. Their experiment led to graphene being isolated for the very first time.

In 2010, Geim and Novoselov were awarded the Nobel Prize for Physics.

The specs: 2019 Audi A7 Sportback

Price, base: Dh315,000

Engine: 3.0-litre V6

Transmission: Seven-speed automatic

Power: 335hp @ 5,000rpm

Torque: 500Nm @ 1,370rpm

Fuel economy 5.9L / 100km

Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.

Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.

“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.

Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.

“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.

Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.

From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.

Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.

BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.

Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.

Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.

“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.

Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.

“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.

“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”

The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”

UAE currency: the story behind the money in your pockets

Our legal consultant

Name: Dr Hassan Mohsen Elhais

Position: legal consultant with Al Rowaad Advocates and Legal Consultants.

More from this package

UAE 'urgently needs crisis helplines' for teenagers struggling with mental health

Netflix suicide drama 13 Reasons Why prompts young people in UAE to discuss mental health

Dubai teen campaigns for launch of a suicide helpline in UAE

More on Quran memorisation:

Mastering the memory: the phenomena of Quran memorisation

Teenager girls recite the Quran flawlessly, despite not speaking Arabic

Zakat definitions

Zakat: an Arabic word meaning ‘to cleanse’ or ‘purification’.

Nisab: the minimum amount that a Muslim must have before being obliged to pay zakat. Traditionally, the nisab threshold was 87.48 grams of gold, or 612.36 grams of silver. The monetary value of the nisab therefore varies by current prices and currencies.

Zakat Al Mal: the ‘cleansing’ of wealth, as one of the five pillars of Islam; a spiritual duty for all Muslims meeting the ‘nisab’ wealth criteria in a lunar year, to pay 2.5 per cent of their wealth in alms to the deserving and needy.

Zakat Al Fitr: a donation to charity given during Ramadan, before Eid Al Fitr, in the form of food. Every adult Muslim who possesses food in excess of the needs of themselves and their family must pay two qadahs (an old measure just over 2 kilograms) of flour, wheat, barley or rice from each person in a household, as a minimum.