Newly inaugurated President Donald Trump is formally declaring the United States government will only recognize two genders ... and he's set to target federal protections for transgender people.

In Trump's inaugural address delivered from the Capitol Rotunda Monday, he announced ... "As of today, it will henceforth be the official policy of the United States government that there are only two genders -- male and female."

Trump is expected to issue an executive order aimed at limiting medical care and participation in sports competitions for transgender individuals. An incoming official said only two sexes will be recognized on passports and visas, according to The Associated Press.

Joe Biden issued an executive order four years ago on his first day in office to protect individuals from discrimination "on the basis of gender identity or sexual orientation." Trump intends to undo that action.

In other remarks Monday, Trump said he would "revoke the electric vehicle mandate" ... and he's previously stated his intention to rename the Gulf of Mexico to the Gulf of America.

So, we gotta ask ....