Trump Wields Executive Orders Like No President Since FDR

From left: US President Franklin Delano Roosvelt c. 1930 at the White House. U.S. President Donald Trump MARCH 06, 2025 at the White House (AFP/Getty Images; Alex Wong/Getty Images)

Key Points

• President Trump has issued over 200 executive orders in 2025, a historic number not seen since 1942.
• Executive orders on trade and tariffs, totaling 34, led to a 12% drop in the S&P 500 in April and raised the average effective tariff rate to nearly 17%.
• The federal workforce has decreased by approximately 250,000 employees due to executive orders weakening labor protections and restricting new hires.

Expanding the scope of presidential power has been a hallmark of President Donald Trump’s first 11 months in office this year, and executive orders have often been his method of choice for making his mark.

His wide-ranging use of the legally-binding directives has been nothing short of historic: He has signed more than 200 executive orders on everything from TikTok to tariffs since taking office in January. That is more than any other president in a single calendar year since Franklin Delano Roosevelt in 1942.

But whereas FDR used the orders largely to marshal troops and resources to fight World War II, following Japan’s Pearl Harbor attack on Dec. 7, 1941, Trump is waging a very different kind of war. While some of his targets are almost comical—taking aim at everything from paper straws to low-flow shower heads —other moves aimed at reshaping international trade, weakening federal labor unions, and curbing immigration have roiled markets and spawned hundreds of legal challenges.

Here’s a look at his most consequential orders—as well as their fallout.

Upending Trade and Tariff Policy

Looking at the 220 executive orders Trump signed through early December in 2025, the largest share is related to trade and tariffs. He issued 34 such orders, many of which revised previous ones, in an effort to correct trade imbalances and promote domestic manufacturing. Along with raising more than $100 billion in customs duties to date, the orders caused the S&P 500 to fall 12% in April, before rebounding in early May, and contributed to higher prices for consumers.

The average effective tariff rate is now nearly 17%, the highest since 1935, according to a Yale Budget Lab analysis. However, about half of the levies could be rolled back if the Supreme Court rules that the president’s use of emergency powers to enact them was unlawful. A ruling is expected soon.

Slashing the Federal Workforce

The short-lived alliance between the president and Tesla CEO Elon Musk led to an executive order establishing the Department of Government Efficiency or DOGE on Trump’s first day in office. Among the group’s many cost-cutting initiatives was cutting the nation’s federal workforce, which had some 2.4 million workers when Trump started his second term.

Subsequent orders weakened federal workers’ labor protections, mandated agency reorganization plans, and restricted new hires to no more than one for every four workers who departed. While legal challenges halted some of the firings, the federal workforce has shrunk by around 250,000 employees this year, according to the Office of Personnel Management.

Rethinking Foreign Policy

Trump laid out his “America First” policy in one of 26 executive orders issued on Inauguration Day. “From this day forward, the foreign policy of the United States shall champion core American interests and always put America and American citizens first,” the order reads.

That ethos has served as the guiding principle behind everything from higher tariffs on imports to a 90-day pause in foreign aid to other countries and the withdrawal from the World Health Organization, all by executive orders.

Cracking Down on Illegal Immigration

Halting illegal immigration into the U.S. has been another key objective. An executive order on Jan. 20 directed the Homeland Security Department to step up immigration enforcement and deportations, while tasking the Attorney General with prosecuting those in the U.S. illegally. A series of subsequent orders doubled down on that mission by increasing border patrols, suspending some refugee entries, and strengthening eligibility checks for federal benefits.

Those moves have spurred dozens of lawsuits, perhaps most notably the case involving Kilmar Armando Abrego Garcia, a native of El Salvador living in Maryland who was illegally deported in March. After returning to the U.S. in June, Abrego Garcia was most recently released from detention on Dec. 11, but still faces charges. As his and other immigration cases work their way through the courts, illegal border crossings have plummeted. Border encounters in October and November were the lowest for the start of any fiscal year in history, according to Customs and Border Protection.

Boosting Technology & Cryptocurrencies

President Trump has built strong alliances with Big Tech, whose leaders enjoyed prime seats at his inauguration ceremony and have donated to the planned ballroom at the White House.

Trump’s support for the tech industry is reflected in his executive orders, including five related to TikTok, which faced getting shut down in the U.S. because of its ownership by Chinese firm ByteDance. A Sept. 25 executive order that would give the U.S. majority ownership, while reducing ByteDance’s share to less 20% is expected to keep the app up and running. The ownership shift will be finalized on Jan. 22.

Trump has also been a proponent of cryptocurrencies. A March 6 order established a Bitcoin reserve and digital asset stockpile. He and first lady Melania both launched their own meme coins just days before the inauguration. While hers has lost nearly all its value, the president’s has fared better, up nearly 400%, according to CoinMarketCap.

Trump’s sons have also gotten in on the crypto trade, both through the privately-held World Liberty Financial and its publicly traded partner, ALT5 Sigma, whose stock has seen steep losses in recent months as crypto prices have tanked.

Write to Anita Hamilton at anita.hamilton@barrons.com