Donald Trump spoke digitally to the audience at the World Economic Forum (WEF) in Davos on Thursday last week, following his inauguration as the 47th President of the United States.
Hundreds of prominent public personalities, including numerous heads of state and government as well as international CEOs, gathered in Davos, Switzerland, from January 20 to 24 for the WEF’s 2025 annual conference. Global leaders have a rare chance to discuss solutions to these complicated problems, build alliances, and share ideas at the forum.
The topic of this year’s WEF is “Collaboration for the Intelligent Age.” The subject draws attention to the widening gaps in the international community and stresses the necessity of working together to address pressing issues including economic inequality, geopolitical instability, and the climate disaster.
Trump spoke a range of international topics throughout the event, such as the state of the US economy under the previous administration and his future goals for the country. We examine some of his statements in this fact-check to verify their veracity and offer context.
CLAIM 1
The US government has spent $8 trillion on unnecessary deficit expenditures over the last four years.
The assertion is MOSTLY TRUE, according to The FactCheckHub’s findings.
The 46th president of the United States, Joe Biden, was sworn in on Wednesday, January 20, 2021, following his victory over Donald Trump in the November 2020 presidential election.
The budget deficits under the Biden administration were $2.8 trillion, $1.4 trillion, $1.7 trillion, $1.8 trillion, and $710 billion for fiscal year (FY) 2021, FY 2022, FY 2023, FY 2024, and so far in FY 2025, according to figures compiled by the Bipartisan Policy Center. The total is $8.41 trillion.
Nevertheless, we were unable to independently confirm whether or not the deficit expenditure over the previous four years was wasteful.
THE DEFINITION
Based on publicly accessible statistics, the assertion that the US government spent $8 trillion on deficit spending in the recent past is MOSTLY TRUE.
CLAIM 2: At the moment, inflation is 50% greater than the historical target.
The assertion is MOSTLY TRUE, according to the results of The FactCheckHub’s checks.
The US Federal Reserve, the country’s central bank, has a two percent long-term inflation target. Promoting price stability and long-term economic growth is the goal of this target. In order to keep longer-term inflation expectations firmly anchored at this level, the Federal Open Market Committee (FOMC) aims to achieve inflation that averages 2 percent over time.
However, as of December 2024, the United States’ annual inflation rate was 2.89 percent, up from 2.75 percent in November, which is 45 percent more than the target, according to the Bureau of Labor Statistics’ monthly consumer price index (CPI) data. Since the January 2025 rate has not yet been released, we are unable to absolutely ascertain its percentage at this time.
THE DEFINITION
The assertion that inflation is currently 50% higher than the historical target is largely accurate; research indicates that it is actually 45% higher.
CLAIM 3 The executive order that Trump signed on his first day as US president included a declaration of a national energy emergency.
The assertion is TRUE, according to the FactCheckHub’s findings.
According to the list of presidential activities on the White House website, one of the executive orders signed by Trump immediately following his inauguration on January 20, 2025, was to declare a national energy emergency. He stated in the order that the United States cannot meet its needs in terms of locating, leasing, developing, producing, transporting, refining, and generating energy and key minerals.
Trump stated in a number of media reports from The Washington Post, Reuters, and The Guardian that the country’s poor energy infrastructure and supply were caused by the detrimental and ill-considered policies of the previous administration. As a result, he said, high energy prices negatively affect Americans, particularly those with low and fixed incomes.
THE DEFINITION
According to the list of presidential activities and numerous media accounts, it is TRUE that Trump proclaimed a national energy emergency as part of the executive order he signed on his first day as US president.
CLAIM #4
Of all the nations in the planet, the United States possesses the most oil and gas.
The allegation is FALSE, according to The FactCheckHub’s findings.
The United States became the world’s largest producer of crude oil in 2018 and remained so until 2022, according to the US Energy Information Administration. Crude oil from both local and foreign sources is processed in U.S. oil refineries, and a variety of businesses contribute to the world’s crude oil supply.
According to a 2024 Vox report, the US is the world’s top producer of crude oil, with the US Energy Information Administration reporting that it averaged around 13 million barrels per day in 2023, the highest level ever.
Subsequent investigations showed that Saudi Arabia and Venezuela have larger oil reserves than the US. The nation with the largest oil reserves is Venezuela, followed by Saudi Arabia; Nigeria comes in at number ten, and the United States comes in at number eleven.
In particular, the US Energy Information Administration estimates that Saudi Arabia has 267 billion barrels of known crude oil reserves, which is a substantial amount more than the US’s almost 36 billion barrels.
THE DEFINITION
Although the United States is the world’s largest producer of crude oil, Saudi Arabia and Venezuela have larger oil reserves than the United States, hence the assertion that the United States has the most oil and gas of any nation on Earth is untrue.
CLAIM 5 Over the past four years, the average American household has had to pay an additional $50,000 in regulatory expenditures due to the Biden administration.
The claim is half true, according to the results of The FactCheckHub’s checks.
Despite having only four years to implement regulations, the Biden-Harris Administration nearly doubled those of the Obama Administration, according to a report by the US House Committee on Oversight and Accountability.
Critics contend that the study’s predictions of the overall regulatory load, which may reach $47,136 per American household, might have a detrimental effect on American families and the economy.
Since some estimates indicate that Biden’s requirements might result in a lifetime cost of $47,000 per family, another piece by the City Journal emphasized the severity of the regulations under the former president.
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The study also raises concerns about the regressive nature of these restrictions, which are said to disproportionately burden low-income households with the expenditures. Even after accounting for their financial situation, the report indicates that low-income families may have to pay seven times as much in regulatory fees as wealthy households.
The Biden-Harris administration is expected to impose $47,000 in net present value regulatory expenses per household from rules implemented during its first term, according to another Unleash Prosperity research that emphasized its key conclusions.
THE DEFINITION
The assertion that the Biden administration increased the average American household’s regulatory expenses by $50,000 over the previous four years is HALF TRUE. Although reports acknowledged that the US administration in the immediate past did in fact increase regulatory costs, they also indicated that the actual amount was approximately $47,000. That represents a roughly $3,000 discrepancy.
CLAIM 6
Trump declares that citizen speech will no longer be classified as false or disinformation as he signs an executive order to eliminate government censorship.
The assertion is TRUE, according to the FactCheckHub’s findings.
Before his formal inauguration ceremony, Trump signed scores of executive orders on the day he was sworn in as the 47th president of the United States. The hiring of government employees, commerce, immigration, civil rights, and U.S. foreign aid to demographic diversity are among topics covered by these decrees.
Concerns about several of the executive orders have largely been raised online and by US citizens. For example, the decision to terminate birthright citizenship has sparked discussions in the public sphere, particularly among the nation’s immigrants. A US federal judge has also suspended the implementation of that specific order, according to media sources.
Our fact-checkers checked the White House website for a list of Trump-signed presidential actions to confirm the allegation, and they discovered that measures to stop government censorship were included.
It was one of 60 executive orders that Trump signed on January 20, 2025, with the title “Restoring Freedom Of Speech And Ending Federal Censorship.”
THE DEFINITION
It is accurate to say that Trump signed an executive order on January 20, 2025, committing the US president to ending government restriction of free speech.
CLAIM 7: The amount spent by NATO for defense was 2%.
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The claim is TRUE, according to the results of The FactCheckHub’s checks.
Established in 1949 as a military alliance, the North Atlantic Treaty Organization (NATO) aims to provide collective defense and foster peace and security among its member nations.
NATO was created during the Cold War to oppose the Soviet Union, but its mandate now encompasses a wider variety of security issues. As of January 2025, 32 nations from North America to Europe are members of NATO. These nations, known as NATO Allies, are independent nations that convene via NATO to debate political and security matters and reach decisions as a group.
The contributions made by a national government (apart from regional, local, and municipal authorities) expressly to support its military forces, as well as those of its Allies or the Alliance, are referred to as defense spending.
Our fact-checkers examined the NATO Alliance report from its official website to confirm the assertion of the proportion they contribute to the alliance. It was found that the payment terms for NATO allies have been jointly agreed upon since 2014 and remain the benchmark as of January 2025: 2% of the annual GDP of all member countries.
THE DEFINITION
According to data on the NATO website, it is TRUE that the countries in the alliance spend 2% of their yearly GDP on defense.
