- Trump’s ‘Trump Effect’ website claims credit for $2.6 trillion in new investments in the United States
- But Reuters review found $1.3 trillion originated under Biden, or represents routine spending
- A spokesman called Trump ‘the greatest closer in modern history’
July 8 (Reuters) – Within hours of taking office in January, President Donald Trump boasted about attracting $3 trillion in new corporate investments to the United States. Since then, Trump has said the investments have swelled to $14 trillion, or roughly half of the nation’s annual gross domestic product.
The White House calls it “The Trump Effect” and features a rolling list on its website of more than 70 projects it says Trump’s economic policies spurred, from a new bakery plant in Texas to a LEGO facility in Virginia and a microchip plant in Arizona.
But a Reuters review found that just under half of the claimed spending on the website – totaling more than $1.3 trillion – originated under former President Joe Biden or represented routine spending repackaged to promote domestic investments.
At least eight of the projects touted by the White House had sought or secured critical local incentive packages before Trump took office while at least a half dozen other projects had already been announced by local officials or the companies themselves, Reuters found.
Two of the Trump Effect projects were aided by Biden’s legislative efforts to boost domestic manufacturing, the review found.
One company on the list, Swiss-based Roche, warned that Trump’s plans to equalize U.S. and international drug prices now threatens its promised $50 billion in U.S. investments.
Asked about taking credit for projects already underway before Trump came into office, the White House said the final investment decisions were announced under his watch and prove his economic policies are triggering U.S. investment.