Donald Trump called on congress to unite and work with him on overhauling health care, changing the tax code and rebuilding the nation’s infrastructure and military capabilities during his first address to Congress.
During the address Trump called on all citizens to embrace this renewal of the American spirit by saying "I am asking all members of Congress to join me in dreaming big, and bold, and daring things for our country" in his uplifting and unifying message.
The president was more focused, disciplined and subdued in his speech and focused on key topics like healthcare and taxes. On Healthcare he stated that "Obamacare is collapsing - and we must act decisively to protect all Americans" and signaled a strong intent of action. The President also signaled action on another key piece of his agenda, tax reform. He promised "massive" relief for the middle classes as well as corporate taxes and indicated more favorable conditions for exports over imports to encourage economic growth.
Trump also pushed for an infrastructure investment plan that will include $1 trillion of spending and spoke of his effort to boost military capabilities through spending. Overall the message was very clear that the focus is on "America First" and acting in the interest of the United States, which was accepted positively by the markets.
As a direct affect of the Trump approach, the markets have seen continued strengthening of the US dollar on most of its major rivals, this combined with recent positive Fed speak has seen strong market movements in the favor of the dollar during early morning trading.
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