Immediately after taking office, Donald Trump gave a virtual speech to the World Economic Forum (WEF) in Davos on Thursday of last week.
From January 20–24, the WEF had its 2025 annual meeting in Davos, Switzerland, which drew hundreds of prominent public figures, including numerous heads of state and government and international CEOs. For world leaders, the forum offers a rare chance to share ideas, create alliances, and look into ways to solve these difficult problems.
The topic for the WEF this year is “Collaboration for the Intelligent Age.” In addition to highlighting the need for coordinated action to solve pressing issues including the climate crisis, economic injustice, and geopolitical instability, the topic draws attention to the widening gaps in the international community.
During the event, Trump discussed a range of international topics, such as the state of the US economy under the previous government and his future intentions for the country. We carefully examine some of his statements in this fact-check to ensure they are accurate and to set the scene.
First Claim
The United States government spent $8 trillion foolishly on deficit spending during the last four years.
THE FINDINGS The allegation is MOSTLY TRUE, according to The FactCheckHub.
After defeating Trump in the November 2020 presidential election, Joe Biden, the immediate past president of the United States, took the oath of office on Wednesday, January 20, 2021, becoming the 46th president of the country.
According to data compiled by the Bipartisan Policy Center, the budget deficits to date in FY 2021, FY 2022, FY 2023, FY 2024, and FY 2025 have been $2.8 trillion, $1.4 trillion, $1.7 trillion, $1.8 trillion, and $710 billion, respectively, under the Biden administration. The sum of these is $8.41 trillion.
Read Also: Gospel Artist Accused of Killing Abuja Corps Member Pleads Not Guilty
But we couldn’t independently confirm whether or not the deficit spending during the previous four years was wasteful.
The verdict
Using publicly available statistics, it is MOSTLY TRUE that the US government spent $8 trillion on deficit spending in the recent past.
CLAIM 2: The inflation rate is currently 50% higher than the historical target.
According on the results of The FactCheckHub’s checks, the claim is MOSTLY TRUE.
Two percent is the long-term inflation objective set by the US Federal Reserve, the country’s central banking system. Price stability and long-term economic growth are the goals of this goal. In order to hold longer-term inflation expectations firmly in place, the Federal Open Market Committee (FOMC) has set an inflation target of 2% over time.
In contrast, the U.S. annual inflation rate was 2.89 percent as of December 2024, up from 2.75 percent in November, which is 45 percent more than the objective, 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 establish its percentage as of right now.
The verdict
Findings indicate that inflation is currently 45% higher than the target, despite the assertion that it is 50% more than the historical target.
CLAIM 3 Donald Trump signed an executive order on his first day as US president, declaring a national energy emergency.
THE FINDINGS According to The FactCheckHub, the claim is accurate.
Declaring a national energy emergency is one of the executive orders that Trump signed immediately after taking office on January 20, 2025, according to the White House website’s list of presidential activities. Identifying, leasing, developing, producing, transporting, refining, and generating energy and key minerals is not up to the United States’ level of capability, he stated in the order.
Trump was quoted in a number of media reports from The Washington Post, Reuters, and The Guardian as stating 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 verdict
The list of Trump’s activities and other media stories support the assertion that he signed an executive order on his first day as US president that included a declaration of a national energy emergency.
SUMMARY 4
More gas and oil are found in the United States than in any other nation on the planet.
The FactCheckHub’s findings indicate that the assertion is untrue.
From 2018 to 2022, the United States remained the world’s largest producer of crude oil, according to the US Energy Information Administration. Crude oil is sourced both locally and abroad and is processed by U.S. oil refineries. A variety of businesses contribute to the world’s crude oil supply.
The United States 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 recorded, according to a 2024 Vox story.
It was discovered that Saudi Arabia and Venezuela have more oil reserves than the US. Nigeria comes in at number ten, the United States at number eleven, and Venezuela is the nation with the largest oil reserves, followed by Saudi Arabia.
In particular, according to the US Energy Information Administration, Saudi Arabia has proven crude oil reserves of 267 billion barrels, which is a substantial amount more than the US’s almost 36 billion barrels.
The verdict
Although Saudi Arabia and Venezuela have more oil reserves than the United States, the United States is still the world’s greatest producer of crude oil, hence the assertion that the country possesses the most oil and gas of any nation on the planet is untrue.
CLAIM 5: Over the previous four years, the Biden administration increased the average American household’s regulatory expenses by $50,000.
According to The FactCheckHub’s checks, the assertion is half true.
According to a report by the US House Committee on Oversight and Accountability, the Biden-Harris Administration had just four years to impose regulations, compared to Obama’s eight, but they were nearly twice as expensive.
The entire regulatory load, according to the report, might reach $47,136 per American home, which detractors claim might have a detrimental effect on American households and the economy.
Another piece in the City Journal emphasized how strict the laws were under former President Biden, as some estimates indicate that they might cost a family $47,000 over the course of their lives.
In addition, the study raises concerns about the regressive nature of these restrictions, which are said to disproportionately burden low-income households. In fact, after controlling for financial constraints, the study found that low-income families might have to pay seven times as much in regulatory fees than wealthy ones.
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 key findings from another Unleash Prosperity research.
The verdict
It is HALF TRUE to say that the Biden administration increased the average American household’s regulatory costs by $50,000 over the last four years. Reports have shown that the previous US administration did in fact increase regulatory costs, but the actual amount is approximately $47,000. The difference is almost $3,000.
Claim No. 6
In order to stop government censorship, Trump signed an executive order declaring that citizen speech would no longer be classified as disinformation or misinformation.
THE FINDINGS According to The FactCheckHub, the claim is accurate.
Several dozen executive orders were signed by Trump on the day of his official inauguration as the 47th president of the United States. These directives address issues like as trade, immigration, civil rights, employing federal employees, and the contribution of U.S. foreign aid to demographic diversity.
A number of the executive orders have raised concerns, primarily online and among US citizens. The decision to abolish birthright citizenship, for example, has sparked discussions in the public sphere, particularly among the nation’s immigrants. According to media reports, a US federal judge has also stopped that specific order from being carried out.
The assertion was confirmed by our fact-checkers who looked at the White House website’s list of Trump-signed presidential actions, which included measures to stop government censorship.
Trump signed 60 executive orders on January 20, 2025, including one titled “Restoring Freedom Of Speech And Ending Federal Censorship.”
The verdict
It is accurate to say that Trump signed an executive order on January 20, 2025, authorizing the government to stop censoring citizen expression.
Read Also: Afe Babalola Drops Legal Case Against Farotimi Following Pleas from Ooni, Others
CLAIM 7: The percentage of NATO spending on defense was 2%.
For comments on this story, click HERE ✇
According to The FactCheckHub’s findings checks, the assertion is accurate.
NATO is a military alliance that was established in 1949 with the goals of promoting stability and security among its member nations and providing collective defense.
The objective of NATO, which was founded to oppose the Soviet Union during the Cold War, encompasses a wider range of security issues. As of January 2025, NATO will have 32 members from North America to Europe. Known as NATO Allies, these nations are independent states that convene via NATO to debate political and security matters and reach decisions as a group.
Defense spending is the money that a national government (apart from regional, local, and municipal governments) spends on its military forces, as well as those of its Allies or the Alliance.
In order to confirm the assertion on the percentage they contribute to the alliance, our fact-checkers examined the NATO Alliance report that was sourced from its official website. It was found that, as of January 2025, the standard for NATO allies’ payment terms has been 2% of the annual GDP of all member nations, which has been agreed upon collectively since 2014.
The verdict
According to data from the NATO website, the assertion that the defense budgets of NATO nations amount to 2% of their yearly GDP is accurate.
