Axios

President Trump said little about China in his inauguration address Monday amid growing signs that he's becoming friendlier with the country he's long assailed.

Why it matters: Trump ignited a trade war with China during his first term and pledged to do the same thing again this time.

The newly formed Department of Government Efficiency, or DOGE, will operate within the U.S. government, according to a fact sheet connected with an executive order expected Monday to establish the new entity, Semafor reported.

Why it matters: It was not known at this point how the new department, co-led by Elon Musk and Vivek Ramaswamy, would be structured to pursue its mission of cutting government spending.

"Arbitrary" and "capricious" will forever characterize Gary Gensler's tenure at the helm of the U.S. Securities and Exchange Commission, a couple of words used in two crucial rebukes by U.S. courts.

Why it matters: The former Goldman partner and veteran regulator established the crypto industry as enemy number one from the outset of his term in 2021. That fight has seen many tactical wins for the SEC, but is marked by a fundamental strategy that has not held up to legal scrutiny.

Optimism for the year ahead has dropped significantly among people of color, LGBTQ+ Americans and many women as President-elect Trump returns to the White House, a new Axios Vibes survey by The Harris Poll finds.

Why it matters: The disparities between demographic groups in terms of how they're feeling heading into 2025 reflect the fact that while Trump's return fills some Americans with hope, many others are deeply concerned.

China's Vice President Han Zheng and Elon Musk met on Sunday ahead of President-elect Trump's inauguration, per Chinese state media.

Why it matters: Chinese leader Xi Jinping deployed his top envoy to attend Trump's inauguration on Monday in an unprecedented move following Trump's threats to impose major tariffs on China.

The $TRUMP memecoin — a financial asset that didn't exist on Friday afternoon — now accounts for about 89% of Donald Trump's net worth.

Why it matters: The coin (technically a token that's issued on the Solana blockchain) has massively enriched Trump personally, enabled a mechanism for the crypto industry to funnel cash to him, and created a volatile financial asset that allows anyone in the world to financially speculate on Trump's political fortunes.

President-elect Trump launched his own cryptocurrency Friday night, and as of Sunday morning appeared to have made more than $50 billion on paper for himself and his companies.

Why it matters: The stunning launch of $TRUMP caught the entire industry off-guard, and speaks to both his personal influence and the ascendancy of cryptocurrency in his administration.

President Biden will leave office having presided over a very strong stock market, but not quite as strong as either of his two predecessors.

The big picture: The S&P 500, Dow Jones Industrial Average, and Nasdaq Composite all gained more during Trump's first term than during Biden's.