According to CCTV News, on January 20, local time, the US President-elect Biden at the inauguration ceremony held on Capitol Hill in Washington, DC Officially sworn in as the 46th President of the United States.
Image source:Screenshot of CNN report
Before Biden was sworn in, the United States was elected Vice PresidentKama La Harris was formally sworn in as Vice President of the United States.
CNN stated that Harris became the first female vice president of black and Asian descent in American history.
The oath ceremony of the day was presided over by the Chief Justice of the United States Supreme Court John Roberts, and Biden led by Roberts Under the oath of office. Subsequently, Biden delivered an inaugural speech, calling on Americans to end the confrontation and division as soon as possible. Biden called the day (January 20)”America Day”.
According to China News Agency, Biden’s inaugural speech has several key points:
1. Acknowledge that the United States is”deeply torn apart” and call for”unity”;
2. The United States is experiencing a”dangerous winter” under the new crown epidemic, and we will take a moment to mourn the dead and will actively fight the epidemic;
3. It will combat US political extremism, xenophobia and domestic terrorism;
4. Rejecting”US isolation” will repair relations with allies and establish”good connections” with the world again.
US stocks three major indexes rose sharply
local time On January 20, the three major U.S. stock indexes collectively opened higher. technology stocks performed strongly, leading the Nasdaq index to rise by more than 1%, a new historical high.
The Dow rose 0.62%to 3,121.64 points; the Nasdaq rose 1.7%to 1,342.01 points; the S&P 500 index rose 1.1%to 3,840.56 points.
U.S. stocks FAANG’s large technology stocks continued to rise, Netflix rose more than 16%, Google rose nearly 5%, Amazon Rose 3.73%, Apple rose more than 3%, Facebook rose 2.92%.
The popular Chinese concept stocks in U.S. stocks rose collectively. As of press time, Alibaba and Xiaopeng Motors have both risen by more than 6%, Pinduoduo has risen by more than 5%, and Bilibili has risen by more than 4%.
U.S. chip stocks turned down one after another. Applied Materials, Ram Research, Kelei Semiconductor fell more than 2%. Micron Technology, Lingyun Semiconductor fell more than 1%; TSMC fell 0.8%, after rising 3.6%before, and set an intraday record high.
The charging pile sector of US stocks generally fell. Switchback Energy fell more than 4%, Blink Charging fell more than 3%, TPG Pace Beneficial Finance Corp. fell 0.55%, and Beam Global fell 0.21%.
The European market has overall positive sentiment towards Biden’s appointment. As of press time, the UK FTSE 100 index rose 0.41%, France’s CAC40 index rose 0.53%, and Germany’s DAX30 index rose 0.77%.
WTI crude oil reported $53.49/barrel, up 0.96, and Brent crude oil rose 0.91%to $56.41/barrel. COMEX Gold reported $1,864.2 per ounce, up 1.3%.
Biden will sign a number of administrative orders when he takes office
According to Xinnet, Biden’s assistant said that Biden will sign at least 15 administrative orders on the first day of taking office on the 20th to abolish the outgoing Trump has formulated a series of policies to take action in response to the epidemic and climate change.
The incoming press secretary Jane Psaki said that in response to “crises” such as the epidemic, the economy, climate change, and racial inequality, Biden will be on the oval on the afternoon of January 20, local time. The office signs administrative orders and memorandums, and requires all departments to take action.
Photo source:Xinhua News Agency reporter Liu Jie
Of these orders, the first one will be the implementation of mask injunctions across the United States. Biden’s adviser Zientz said:“The president will call on governors, public health officials, mayors, business leaders, and others to take masks, social distancing and other public measures to control the epidemic.”
The order signed by Biden will overturn some of Trump’s policies, including stopping the construction of the U.S.-Mexico border wall that prevents illegal immigration, and re-enabling the United States to join the Paris climate agreement and the World Health Organization.
Pusaki said that these plans for the first day in office are just the beginning of a series of administrative actions that Biden will take shortly after taking office.
In addition, Biden will also begin to promote the provision of more anti-epidemic relief measures to the economy. Last week, Biden announced a $1.9 trillion proposal, which includes increasing the amount of stimulus checks, extending unemployment benefits, and providing assistance to state and local governments.
Biden’s aides said that on the first day of his tenure, Biden signed more orders than any previous president. In the next few weeks, he will sign more regulatory and policy administrative orders.
How will Biden fulfill his financial commitments in the early days of taking office?
According to the analysis of Li Chao’s team at Zhejiang Business Macro, Biden’s work in the first 10 days of his tenure will focus on four aspects:pandemic, economy, environment and racial equality. The first is to return to the Paris climate agreement on the first day and overthrow the”ban on Muslims.” The second is to implement measures such as the deferral of student loans and the extension of housing evictions on the first day. The third is to sign an order the next day to promote the resumption of schools and enterprises; implement financial stimulus. The fourth is to sign an order to encourage the purchase of domestic American goods; to reform the community of colored people. Biden also plans to announce the infrastructure plan for the”Rebuilding a Beautiful Recovery Plan” in February.
There are three potential combinations of fiscal stimulus in the United States in 2021:
First, the”U.S. Rescue Plan” is promoted through fiscal mediation, and the infrastructure plan will not be implemented in 2021. , Leaving it to 2022 to legislate in the form of fiscal mediation and to cooperate with tax increases or deficit monetization as a means of funding coordination.
Secondly, the”U.S. Rescue Plan” obtained the support of 10 Republican congressmen through partial measures and passed legislation through conventional means, and then directly promoted infrastructure construction in 2021 through fiscal mediation, and the Fed may be forced to continue Practicing MMT pays for debt.
Thirdly, the”U.S. Rescue Plan” was unable to win the support of the Republican Party. The Democratic Party abandoned legislation and set fiscal 2021 Mediation is used for infrastructure.
Trump leaves the White House
According to CCTV News , On the morning of January 20, local time, Trump left the White House and went to the Andrews Joint Base in Maryland where the”Air Force One” presidential plane was parked. According to the plan, Trump will attend the resignation ceremony at the base, and then take the”Air Force One” to the Sea Lake Manor, Florida.
Image source:Visual China
Trump did not attend Biden’s inauguration, which made him the fourth outgoing president in American history to miss the inauguration of his successor. It is also the first time in more than 150 years.
Although the United States does not expressly stipulate that the outgoing president must participate in the inauguration of the new president, it is customary for both parties to appear together and symbolize the peaceful transfer of power.
EditEdit|Sun Zhicheng, Xiao Yong
Daily Economic News integrates Chinanews, CCTV News, and Global Net
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