It is hard to believe that less than a week has passed since Donald Trump made his presidential address to the joint houses of Congress. The success or failure of his administration will depend largely on the policies it adopts—and his speech is a good window into his administration’s plans. Trump articulated pro-market views domestically, but deeply flawed protectionist views internationally. It’s possible that genuine economic growth will result from the former. But it is equally plausible that implementing his protectionist trade policies will lead to economic disaster. How he resolves this tension may well determine whether he succeeds or fails as president.

Trump’s recipes for domestic economic reform are often right on the money, given that they loosen regulatory barriers that thwart domestic competition. His speech was on target when he announced that “the time has come to give Americans the freedom to purchase health insurance across state lines—creating a truly competitive national marketplace that will bring cost way down and provide far better care.” The President understands that competition drives prices down and reduces administrative costs. This economic victory was squandered when the Affordable Care Act spurned interstate competition in favor of a hugely complex system of regulatory markets that have proved to be, as predicted, unsustainable.

And the same day that Trump gave his presidential address, he took constructive first steps toward curbing regulation by signing an Executive Order that would undo Barack Obama’s ungainly 2015 “Waters of the United States” Rule. Trump’s new Order stated: “It is in the national interest to ensure that the Nation’s navigable waters are kept free from pollution, while at the same time promoting economic growth, minimizing regulatory uncertainty, and showing due regard for the roles of the Congress and the States under the Constitution.” The beauty of this Order is that it keeps the objective so simple that silly and duplicative regulations will not strangle economic growth by cutting out state control on local matters—precisely what Obama’s 2015 Order did.