President Donald Trump will order a "national energy emergency" and issue a "presidential memorandum on inflation" as part of a slew of executive actions meant to boost the U.S. economy on his first day in office, incoming White House officials told reporters Monday morning.

As part of these actions, which are expected to be signed "as soon as possible," the officials said, Trump will "put an end to the [Biden administration's] electric vehicle mandate." Another order will focus solely on Alaska, which officials said has "an incredible abundance of natural resources."

Officials said these moves were not only intended to spur the economy and bring down costs, but also "strengthen our nation's national security," citing the impending "AI race with China."

This is a developing story. Please check back for updates.