In recent days, the White House launched a page called “The Trump Effect,” listing hundreds of billions of dollars in investment commitments from various American companies. According to the administration, these initiatives “have unleashed trillions of dollars in new investments in U.S. manufacturing, technology, and infrastructure” as a direct result of tariffs and regulatory policies adopted by Donald Trump.
However, a detailed analysis of the projects reveals that many of these pledges had already been made previously, still under Joe Biden’s administration, and many correspond only to routine operational costs. For example, Johnson & Johnson announced $55 billion for the next four years—an increase of only $11 billion compared to the previous period. Even a small manufacturer like LGM Pharma, which appeared on the list with a $6 million investment to expand its plant in Texas, admits that this project “has been in the planning stage for about two years.”
Experts question the real impact of these disclosures. Professor Clifford Rossi of the University of Maryland sees a “herd effect” in corporate promises and doubts that tariffs are the main driver of these decisions. Furthermore, it is unclear when or how much of these funds will actually be disbursed, as many companies are still negotiating tax incentives and locations. Even Schneider Electric, which announced $700 million in new investments, reports that $280 million of that total had already been announced under the previous administration.