Through President Donald Trump’s first full 10 months in office, the cumulative U.S. trade deficit in goods and services was down 3.9% from the same period in 2024. His claim that he has “slashed our trade deficit by 77%” appears to compare the monthly trade deficit in January 2025 to the deficit nine months later in October.
President Donald Trump has said over the last year that money brought in from his increased tariffs would pay for at least half a dozen initiatives — from reducing the national debt to providing dividend checks to “moderate income patriots” — but the revenue raised so far can’t deliver all of them.
An ad campaign from the government of Ontario featured audio of former President Ronald Reagan denouncing tariffs on foreign goods. The video rearranges what Reagan said in a 1987 radio address, and it ignores some of the context. But it does not alter the former president’s sentiments, contrary to President Donald Trump’s claim that Canada “lied.”
In early August, President Donald Trump claimed that a trade deal he negotiated with the European Union in July came with hundreds of billions of dollars that the U.S. can use for “anything we want.” But that’s not how the terms were described in a joint statement with the EU on Aug. 21.
After months of delay, higher tariffs that President Donald Trump had vowed to impose on goods imported from dozens of countries went into effect on Aug. 7. Trump has made a series of false and misleading statements to justify his new tariff policies. Here is a recap of some of his claims that we have fact-checked.
The United States and the European Union have reached a preliminary trade deal to avoid a 30% U.S. tariff on imported goods from the EU that President Donald Trump threatened would go into effect on Aug. 1. Trump had argued that higher tariffs were needed because EU tariffs and nontariff policies “cause the large and unsustainable trade deficits” between the U.S. and the EU, but economists disputed that statement.
To commemorate his first 100 days in office this term, President Donald Trump gave a speech in Michigan and granted interviews to several news outlets. In our review of his remarks, we found false and misleading claims, including quite a few Trump has made before.
Before President Donald Trump paused some new tariffs that he unveiled on April 2, several economic groups estimated that tariffs he has announced this year could raise between roughly $2 trillion and more than $4 trillion in federal revenue over a 10-year period. But that’s well short of the $6 trillion or $7 trillion that White House trade adviser Peter Navarro claimed the tariffs would raise to help pay for tax cuts, including an extension of the 2017 tax law.
In his Rose Garden announcement of sweeping new “reciprocal tariffs,” President Donald Trump held aloft a misleading chart that claimed to give a breakdown of the tariffs other countries charge the U.S. and the corresponding tariff that the U.S. will now impose against those countries.
Days before he ordered, and then paused, new tariffs on U.S. imports from Canada and Mexico, President Donald Trump argued that the U.S. does not need imported products such as crude oil and lumber from those countries. Experts told us it’s not that simple.