Donald Trump’s promise to create a “new golden age of America” sounds like his typical bluster. Beyond the bragging, however, lies the policy substance of Trump’s America First agenda that rivals such as China and allies like Australia should pay attention to.

The 45th and now 47th president spoke of reversing the decline in America’s prosperity, strength and global standing during his inaugural address on Monday (Tuesday AEDT). Despite its problems, the US remains the world’s most powerful, innovative and productive nation. Trump’s plan to deregulate energy and technology could reinforce the advantages America already holds over most of its Western rivals. It also promises to turbocharge the development of artificial intelligence, which is the latest geostrategic battleground with China.