Trump's $18 Trillion Fantasy

February 20, 2026

TL;DR

Democrats are positioning tariffs as a key issue for the 2026 midterms, linking them to affordability concerns and voter dissatisfaction with high prices.
Donald Trump defended his tariff policies in a Wall Street Journal op-ed, highlighting their supposed benefits.
Trump claimed his administration secured over $18 trillion in new investments in the U.S. in less than a year, a figure he contrasted with less than $1 trillion during Joe Biden's first year.
The author, Scott Lincicome, argues that Trump's $18 trillion investment claim is fantastical and a myth that has been adopted by some Republicans.
Lincicome is associated with the Cato Institute and Duke University Law School.

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