This is Bloomberg Opinion Today, a reordering of Bloomberg Opinion’s opinions. Sign up here.

• Trump offers no unity.
• Jan. 6 rioters enjoy impunity.
• TikTok gets to keep its community.
• The UK’s economic opportunity.

If you, like First Lady Melania Trump, missed most of the inauguration because you were hiding — either under a striking, wide-brimmed hat or your duvet covers — have no fear! I’m here to help catch you up.

Where to begin? With Carrie Underwood’s pivot to a cappella? Or Barron Trump’s wide range of facial expressions? Maybe the unfortunate photo of Mark Zuckerberg and Lauren Sanchez? How about Elon Musk’s controversial hand gesture? Actually, I’ve bet you’ve seen all that on the internet, and therein lies the problem: A lot of distracting, pop-culture-y things happened yesterday, what with the Paul brothers pulling pranks and Ivanka Trump cosplaying as a flight attendant.

But amidst the viral memes, President Trump did plenty of things on Day 1 that Sarah Green Carmichael says flew under many people’s radar. He sealed the Southern border. He ended birthright citizenship. He pulled out of the World Health Organization at a time when Lisa Jarvis says too many Americans are neglecting to get flu shots. He signed an order mandating federal workers return to the office five days a week, further evidence that American employees have lost all leverage, writes Kathryn Anne Edwards. He declared a “national energy emergency” that Liam Denning says is nowhere in sight. He affronted the rule of law by pardoning nearly all of the Jan. 6 defendants and convicts, argues Noah Feldman. And he undid 78 of his predecessor’s policies with the stroke of his pen, all while calling himself “the Chosen One.”

It’s unsurprising, then, to hear Clive Crook say Biden’s enduring legacy will be Trump, not, as Patricia Lopez notes, the slew of orders — from banning medical debt on credit reports to lowering the amount of nicotine in cigarettes — he announced in the twilight of his presidency.

All told, it’s clear that Trump “is determined to reorder the US government, reassert US dominance in the world, crack down on immigration, dispense with diversity initiatives, ignore the climate crisis, loosen the yoke of federal regulations and prioritize his version of economic growth,” writes Tim O’Brien. Read the whole thing for free.

Bonus Trump Era Reading:

• The world has not only shifted its expectations of the US, but also become more Trumpy. — Hal Brands
• Trump has gone from outsider to insider, but will he bring working-class voters along for the ride? — Nia-Malika Henderson 
• Financial crime might be legal now, if you are a vocal enough Trump supporter. — Matt Levine

Bonus Trump Era Listening: If you thought the public obsession with inflation was over, might I direct you to this TikToker, who plans on tracking the price of eggs every day of the Trump presidency. Although Republicans hope inflation will tumble to 0.1% next year, our columnists say the new administration miiight end up with egg all over its face. Join Jonathan Levin, John Authers and Candice Zachariahs at 1:00 p.m. EST tomorrow for a free live audio conversation on the topic at Bloomberg.com. If you’re a digital subscriber or a Terminal client, come armed with Grade AA questions!

Perhaps the one thing that overshadowed the inauguration was the sudden death and rapid resurrection of TikTok.

Dave Lee, who attended TikTok’s “funeral” in Washington Square Park over the weekend, found the crowd rather sparse: “I guess it’s hard to motivate people to attend a funeral when the subject of mourning isn’t actually dead,” he writes. Sure, I wrote an entire column about how the app’s demise could solve our creativity crisis (foreigners had fun mocking Americans in the comments section), but the app was restored just 12 hours after it went dark with a rather suss-sounding pop-up thanking President Trump — who hadn’t even been sworn in yet! — for his cooperation.

Although Trump extended the deadline for finding a buyer, the ByteDance-owned app remains in legal limbo. Barbara McQuade notes how “an executive order cannot supersede the law. If no divestiture or delay occurs, the Trump administration must enforce the statute … Violators are subject to hefty penalties of $5,000 per user. For an app with 170 million users in the US, fines could reach billions of dollars.” Still, Stephen Carter says there are ways around that: “As a legal matter, a president can’t simply suspend the operation of a duly enacted law. As a practical matter, however, Trump will stand in a long line of chief executives who have used prosecutorial discretion to achieve the same end.”

As I write, TikTok is still not in Google or Apple’s US app store, evidence that they’re hesitant to take Trump’s word at face value. But the app is up-and-running for users who still have it installed on their phone, which means Oracle and other providers feel they have enough assurance.

As for the original rationale behind the ban — China’s cyber threat — Catherine Thorbecke says the US has bigger fish to fry: “Chinese hackers are burrowing into the networks of major critical US infrastructure, including energy grids, water treatment plants and transportation networks,” she writes. In a worst-case scenario, she says Americans “may not be able to put gas in their cars or turn on their lights.”

Guess what you can’t get without electricity?? TikTok. Ugh.

“Is it better to have high growth or low debt?” is a question Allison Schrager asks in her latest column. The answer is complicated, but the tl;dr is that growth is paramount. By the looks of it, Brits are finding that out the hard way:

“The UK is trapped in a recursive loop,” explains Michael Tory: “A gloomy growth outlook diminishes expectations for fiscal revenue, driving up borrowing costs and prompting speculation about … future tax increases.” Per capita income has been stagnant since 2007, the stock market continues to lag behind its peers and last week, gilt yields soared to 2008 “crisis levels.”

But in Martin Ivens’ eyes, it’s too early to jump to conclusions about the fate of Chancellor of the Exchequer Rachel Reeves: “The Labour front bench is hardly awash with economic talent or market experience; Starmer himself has never been distinguished by original thinking in that department. The PM has neither an alternative economic plan, nor — as yet — a plausible alternative candidate,” he writes.

While Ray Dalio’s fears of a “death spiral” are overblown, Marcus Ashworth says Reeves must contend with the UK’s intensifying economic rot: “Growth may be the oft-repeated mantra of this new government, but economic momentum and confidence have evaporated with pretty much every step it’s taken.” No wonder Santander reportedly wants to hightail it out of High Street.

One of Trump’s most predictable Day 1 actions was signing an order to begin withdrawing from the Paris climate agreement, which he claims to be an “unfair, one-sided” “rip-off” that sabotages US ambition. Too bad he’s inadvertently harming another ambition — Greenland — by exiting the climate pledge. “While the effects of a warming planet open up new revenue streams for Greenland’s 57,000-strong population via mining, shipping and tourism, they’ll also have to reckon with potential losses of heritage and new weather risks,” writes Lara Williams. Stormy seas, receding glaciers and declining numbers of sled dogs are just the beginning of the territory’s unpleasant transformation. 

If you often find yourself needing caffeine to keep up with this snoozefest of a newsletter, Javier Blas has some bad news for you: By the end of the 2025-2026 season, the world’s inventory of coffee could fall to the second-lowest level in 65 years, thanks to climate change: “For generations, the crop has been at the mercy of the weather, with frosts — and, to a lesser extent, droughts — repeatedly triggering large losses in Brazil. What’s new is that coffee is suffering now from heat — and no one in the industry is sure what high temperatures could mean for production,” he writes. As a result, bags of coffee — currently hovering around $3 per pound — could surge to $4 in the next few months.

Free read: French and German politicians are leaving X. They may be onto something. — Lionel Laurent

US government debt is dangerously high. What will it take for Washington to notice? — Bloomberg editorial board

Bad Bunny’s seismic cultural influence doesn’t necessarily translate into political clout. — Juan Pablo Spinetto

MAGA governors want to block schools from teaching the worst episodes of America’s history. — Francis Wilkinson

Imran Khan isn’t the first civilian leader to run afoul of the Pakistan military and won’t be the last. — Mihir Sharma

Can Trump swing a deal in Ukraine as he did in Gaza? Yes, but only if he pushes Putin. — Marc Champion

So you want to open a restaurant? It can be a jungle out there in the hospitality trade. — Howard Chua-Eoan

There are plenty of stock gems to mine before artificial intelligence takes over Wall Street. — Nir Kaissar

Netflix had a banger quarter thanks to Squid Game and Jake Paul.

Record amounts of snow hit Florida, Louisiana and Texas.

Meta wants to best TikTok and Apple with new features and products.

We’re getting an Addison Rae album.

I’m seated for the Ayo Edebiri A24 movie.

Vegans