Trump boasts of $20 trillion in new U.S. investments, but figures don't align

President Trump has repeatedly touted enormous new investments entering the United States, claiming figures as high as $21 trillion since he took office. During a November meeting with Saudi Crown Prince Mohammed bin Salman, he stated, Twenty-one trillion dollars will be invested in the United States or pledged to be invested in a single year. In a separate Oval Office event this Wednesday, he asserted that $18 trillion had been invested in just 10 months.

However, an examination by CBS News found no evidence that investment commitments or actual inflows reach the scale mentioned by the president. While large corporate and foreign projects have been announced since Trumps inauguration, the White House has not produced documentation confirming total investments anywhere near $21 trillion an amount that would equal roughly two-thirds of the U.S. annual GDP.

The administration's own compilation of major investments made possible by President Trumps leadership listed $9.6 trillion as of November, but this figure includes projects announced during President Biden's tenure and certain trade objectives in which the U.S. shares partial responsibility.

When questioned about the discrepancies and overlapping investments, the White House did not provide direct clarification. President Trumps dealmaking has secured trillions in investments to make and hire in America, trillions in commercial opportunities for U.S. companies, and trillions in new export potential, White House spokesperson Kush Desai stated.

Federal statistics show corporate investment levels are largely consistent with last year, with companies expected to invest over $5 trillion in 2025. The claimed $20 trillion surge does not appear in these figures.

Trump Takes Credit for Investments Announced Under Biden

The White House list features more than 100 corporate commitments totaling over $3 trillion. Many of these, however, were initially announced before Trump took office and were supported by federal funding under Biden. For example, Micron Technologys $200 billion semiconductor investment includes $120 billion announced in 2022, backed by $6 billion from the Chips and Science Act. GlobalFoundries $16 billion chip production pledge largely stems from a $13 billion investment announced under Biden, with only $3 billion newly pledged this year.

The administration also claims some major clean-energy projects, despite policies that have slowed progress in the sector. Invenergys $1.7 billion clean-energy transmission project continues, though a $4.9 billion loan guarantee issued under Biden was canceled in July. Analysts note that policy shifts and funding cuts have halted over $20 billion in clean energy investments this year. Errors in the administrations list, such as duplicate entries for Kraft Heinz, have also been noted.

Foreign Trade Goals and Aspirational Promises Inflate Figures

Nearly $6 trillion of the White Houses list comes from foreign commitments, but many are trade goals rather than direct U.S. investments. Agreements with Qatar and India, for example, focus on generating economic exchanges or expanding trade volumes rather than specifying concrete investments. Saudi Arabias pledged $1 trillion investment has been questioned by economists due to declining global energy prices, echoing skepticism from similar promises made in 2017 that were not fully realized.

Actual U.S. Investment Remains Steady

Data indicates real investment spending within the U.S. remains in line with last year. Gross private domestic investment, measuring business expenditures on equipment, buildings, and infrastructure, is projected at $5.4 trillion in 2025 slightly higher than last year, but far below Trumps multi-trillion claims. Economists note that many pledges have not yet translated into actual expenditures.

Foreign companies pledged over $270 billion in investments from January to October, more than double the same period under Biden. Yet new foreign direct investment, reflecting actual funds invested in U.S. subsidiaries and projects, remains stable at roughly $145 billion for the first half of the year, nearly identical to last years $144 billion. Analysts at the Peterson Institute for International Economics forecast total foreign investment this year will stay below $400 billion.

He has more announcements and promises than any prior president, but how much actually translates into real money coming in? said Gary Clyde Hufbauer, senior fellow at the Peterson Institute.

Author: Harper Simmons