Good morning. Trump kicks off his presidency with a barrage of executive orders. Mexico and Canada are braced for tariffs of 25%. And LA faces another week of extreme fire risk. Listen to the day’s top stories.

President Trump during his inaugural address in the U.S. Capitol Rotunda.  Photographer: Kevin Lamarque Pool/Getty Images

Donald Trump swiftly reversed some of Joe Biden’s policies as part of the first tranche of official actions he’s signed since retaking office. That includes implementing a federal hiring freeze and ordering government workers back to the office. The president also told the attorney general not to take action against TikTok for 75 days; pardoned nearly all people with criminal charges related to the Jan. 6, 2021, attack on the Capitol; revoked offshore oil and gas leasing bans; and withdrew the US from the World Health Organization and the Paris climate pact. Here’s a rundown of his executive actions.

The self-proclaimed ‘‘tariff man” also said he plans to impose duties as much as 25% on Mexico and Canada by Feb. 1. He spared China—for now—and instead ordered a probe into Beijing’s compliance with a deal struck during his first term. 

Trump’s policies caused a rollercoaster ride in markets, with traders zeroing in on a warning over currency manipulation. US stock futures are pointing to a solid trading day, while Bitcoin retreated from a record high as traders awaited crypto policy directives that were surprisingly omitted from the president’s day-one orders. As markets digest Trump’s plans, JPMorgan set up a “war room” to analyze their impact.

Bad news for Apple. IPhone sales dived 18.2% in China during the December quarter, according to Counterpoint Research, while one influential analyst expects its stock will slide this year. Better news for bankers at Morgan Stanley—it’s raising bonuses for some of its top names in Asia by as much as 40% this year, people familiar said.

Deep Dive: Migration Issues

Millions of migrants are staring at a harsh reality—prepare to be deported or stopped from entering the US.

• It took just moments for Trump to shut down CBP One, an app used by many migrants to cross the border and ask for asylum. He also moved to end birthright citizenship and mobilize troops to boost border enforcement.
• Migrant communities in New York, Chicago, Denver and San Diego and elsewhere are bracing for immigration raids to begin as early as Tuesday.
• It won’t be easy to implement the plans, though. Immigration advocates sued Trump over his bid to end automatic citizenship for children born in the US. 
• Read our explainer on what Trump’s mass deportation plan means for immigrants and a guide to how immigration affects the US economy.

The Big Take

 Trump at Capital One Arena in Washington, DC, on Monday. Photographer: Anna Moneymaker/Getty Images

Trump’s two contrasting speeches—one in the Capitol rotunda focused on policy and the other in Emancipation Hall a rant about the 2020 election—revealed his dueling quests for legacy and revenge.