President Donald Trump has claimed that his tariff policies have triggered an unprecedented wave of new investment into the U.S. economy, as companies choose to build domestically, in order to avoid the high duties on imports.
We’ve Taken In More Than ‘$18 Trillion’
While delivering his remarks at the White House Christmas reception on Sunday, Trump said, “We’ve taken in more investment money than any country has ever taken in by four times,” adding that “There’s never been anything like it,” as a result of his administration’s trade and tariff policies over the past year.
“Because of the tariffs, we’ve taken in more than $18 trillion,” he said, while noting that in the previous administration, “sleepy Joe Biden, took in less than $1 trillion in four years.”
“Without the November 5th election, you would have had a president that didn’t have the courage to use tariffs the way they should be used,” Trump said.
Trump argued that tariffs are reshaping global business decisions, saying companies are now choosing to build factories in the U.S. rather than face import taxes. “They don’t want to pay tariffs,” he said. “So instead of paying, they come in and build their plant in the United States. It’s pretty simple.”
He cited Japanese automaker Toyota Motor Corp. (NYSE:TM), claiming that the company “just announced they’re going to spend $10 billion building plants” in the U.S.
Calling the current moment the beginning of a “golden age” for the American economy, Trump reiterated his point, saying, “They’re coming from Germany. They’re coming from Japan. They’re coming from Canada,” while adding that “hundreds of billions of dollars” are pouring into U.S. manufacturing.
Economists Push Back On Trump’s Claims
Trump has repeated these claims several times in the past, touting several trillions in investments resulting from his trade policies over the past year.
Economist Peter Schiff has called out the fallacy of such claims, noting that the U.S. GDP currently stands at $30.6 trillion, so an investment of this magnitude would result in the nation’s GDP exploding “by roughly 50%,” while also leading the U.S. Dollar to “skyrocket.”
Treasury Secretary Scott Bessent, however, has said that Trump’s claims “are real,” while highlighting the trade deals with Japan and South Korea, which are set to bring in $550 billion and $350 billion, respectively, alongside Apple Inc.’s (NASDAQ:AAPL) ambitious “$500 billion” plan to reshore its manufacturing.
“President Trump is laying the foundation for a Golden Age economy,” Bessent said, with investments in the United States touching “record amounts.”
Despite this, the White House’s own “Major Investment Announcements” page lists the total U.S. and foreign investments at $9.6 trillion. This comes after significantly overstating figures, with Japan’s total investment being cited as $1 trillion, despite official figures indicating $550 billion.
Similarly, Micron Technology Inc. (NASDAQ:MU), which, according to the page, is set to invest $200 billion in the country, is earmarked for manufacturing and research over the next 20-plus years.
According to the U.S. Bureau of Economic Analysis, foreign direct investments in the U.S. stood at $43.0 billion and $101.8 billion during the first and second quarters of 2025, which is a far cry from the trillion-dollar claims made by Trump.
Even corporate investment levels remain roughly in line with prior year figures at $5 trillion, based on Federal data, according to a report by CBS News.
The White House did not immediately respond to Benzinga’s request for clarification on these discrepancies. This story will be updated as soon as we receive a response.
Photo Courtesy: Noamgalai from Shutterstock
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