Donald Trump imposed no new trade tariffs on the first day of his second term, as feared by markets, but the US president did lay out the official blueprint for an “America First Trade Policy”.

A presidential memo called on federal agencies to remediate “unfair trade practices” and identify “currency manipulators”. Trade pacts with China, Canada, Mexico and all other partners were placed under review.

The message: the Trump administration was ready to use all means to re-engineer trade flows to its advantage. Here are five takeaways from the opening salvos of Trump’s trade agenda.