Investors have anxiously awaited Trump's start to see which policies he prioritizes and which promises he makes good on. Few issues are being watched closer than tariffs, which Trump campaigned on. Trump said his administration plans to launch 25% tariffs on Mexico and Canada on Feb.

The Republican has promised strong growth, high tariffs, income tax cuts and booming oilfields. But despite the solid job market and low 4.1% unemployment rate, he has to contend with headwinds like inflation, a budget deficit, increased tensions over trade, the fallout from his plans to curtail immigration and a persistent wealth gap.

“This begins with confronting the economic chaos caused by the failed policies of the last administration,” Trump told the World Economic Forum on Thursday. Here are five economic forces that could shape the first year of Trump’s presidency: Whipping inflation is easier said than done.