President Donald Trump isn’t expected to carry through on his threat to impose sweeping tariffs on the first day of his presidency, a move that economists have warned could lead to higher prices for Americans and hurt U.

President Donald Trump did not immediately impose tariffs on Monday but said in his inaugural address the U.S. would collect "massive amounts" of income from foreign trade duties as his administration works to rebuild American industry.

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.