CBS: Trump’s $20T investment claims inflated
A CBS News review finds no evidence to support President Trump’s recent claims that $18–$21 trillion has been newly invested or committed to the U.S. since he took office, noting the White House’s own tally of $9.6 trillion includes double-counts and Biden-era projects. Companies including Micron and GlobalFoundries confirmed large portions of cited investments were announced under President Biden and backed by CHIPS Act funding or credits, while federal data show total corporate investment on pace to exceed $5 trillion in 2025.
📌 Key Facts
- Trump cited $21 trillion (November) and $18 trillion ('this Wednesday') in new or committed U.S. investments; the White House provided no documentation supporting those totals.
- White House list totals $9.6 trillion but includes errors and projects announced under Biden, including Micron’s $120B (of $200B) and $6B in CHIPS funding, and GlobalFoundries’ $13B of $16B announced earlier with CHIPS credits.
- Federal data indicate companies are on track to invest over $5 trillion in 2025; analyst Tom Taylor says policy shifts halted $20.8B in clean-manufacturing investments this year, and DOE canceled a $4.9B loan guarantee to Invenergy in July.
📊 Relevant Data
Foreign Direct Investment in the United States reached a total of $5.7 trillion through year-end 2024.
U.S. assets increased by $2.68 trillion to a total of $39.56 trillion at the end of the second quarter of 2025, driven by exchange-rate changes of $1.29 trillion.
U.S. International Investment Position, 2nd Quarter 2025 — Bureau of Economic Analysis
Corporate AI investment reached $252.3 billion in 2024, with private investment climbing 44.5% and mergers and acquisitions up 12.1% from the previous year.
Economy | The 2025 AI Index Report — Stanford HAI
Business investment is predicted to rise 3.6% in 2025, about the same growth rate recorded in 2024.
United States Economic Forecast Q3 2025 — Deloitte
The CHIPS and Science Act has triggered large-scale private investment that has moved the US from completely lacking the ability to manufacture high-end semiconductors.
Does the CHIPS and Science Act Argue for Industrial Policy? — American Enterprise Institute