US PRESIDENT Donald Trump did not immediately impose tariffs as promised, but directed federal agencies to "investigate and remedy" persistent US trade deficits and unfair trade practices and currency manipulation by other countries, reports Reuters.

Mr Trump said in his inaugural address the US would collect "massive amounts" of income from foreign trade duties as his administration works to rebuild American industry.

His first day reprieve signals a possibly more deliberative approach to imposing tariffs, an issue that has shaken global policymakers and investors, and prompted a relief rally in global stocks and key foreign currencies against the dollar.

While he mentioned no specific tariff plans in his inaugural address, he and members of his cabinet said they were coming, to be collected by a new agency called the External Revenue Service.