Washington DC - President Donald Trump promised tariffs and taxes on other countries Monday, in a nationalistic inaugural address after being sworn in as the 47th president.

"I will immediately begin the overhaul of our trade system to protect American workers and families," he said at the US Capitol.

"Instead of taxing our citizens to enrich other countries, we will tariff and tax foreign countries to enrich our citizens," Trump added.

Since his election victory in November, Trump has taken aim at allies and adversaries alike, raising the prospect of fresh levies to push other countries towards tougher action on US concerns.

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Before his White House return, Trump vowed to impose 25% tariffs on Canadian and Mexican imports, and an additional 10% on Chinese goods, if they did not do more about undocumented immigration and the flow of fentanyl into the US.

On the campaign trail, Trump also floated the idea of much steeper tariff rates – 60% or more – on Chinese imports.

But he stopped short Monday of unveiling new tariffs, which are applied on imported goods when a US buyer purchases them from abroad.

The White House said Monday that under the Trump administration, all agencies would adopt "emergency measures to reduce the cost of living."

It added that Trump would unveil his "America First Trade Policy," stressing also that Washington would not be beholden to foreign organizations for its tax policy.

In his speech Monday, Trump reiterated his plan to set up an "External Revenue Service" to collect tariffs, duties and revenues, promising "massive amounts of money" pouring in from foreign sources.

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"The American dream will soon be back and thriving like never before," he said.

Some analysts have warned that tariff hikes would bring higher consumer prices and weigh on GDP growth over time. But Trump's supporters have pointed to his other policy proposals like tax cuts and deregulation as a means to spur growth.

Trump's Treasury secretary nominee Scott Bessent told lawmakers last Thursday that he disagreed the cost of tariffs would be borne domestically.

On Monday, Trump also said his government would establish a new "Department of Government Efficiency."

The office dubbed DOGE, to be led by Elon Musk and businessman Vivek Ramaswamy, is eyeing some $1 trillion in cuts to federal spending.

While DOGE has an advisory role, Musk's star power and strong influence in Trump's inner circle bring political clout.