This fact-check examines major claims made by President Donald Trump during his address at the U.S.-Saudi Investment Forum on November 19, 2025. Each claim is evaluated against available evidence and rated for accuracy. For a summary of the speech, see here. Assistance from Claude AI.
Claim 1: Saudi Arabia Committed to $1 Trillion in U.S. Investment
Trump’s Statement: “Yesterday, the Crown Prince announced that the number that they’ll be investing in the United States is $1 trillion.”
Rating: LARGELY ACCURATE, with important context
Crown Prince Mohammed bin Salman did indeed announce during his November 18, 2025, White House visit that Saudi Arabia would increase its investment commitment from $600 billion to approximately $1 trillion (Foundation for Defense of Democracies, 2025). The White House confirmed this in an official fact sheet (White House, 2025a).
However, several important caveats apply. First, economists have expressed significant skepticism about whether these investments will materialize. As one economist noted, the $1 trillion pledge “is the equivalent of almost an entire year’s GDP for the kingdom” (CNBC, 2025a). Second, during Trump’s first administration, similar pledges of $450 billion resulted in only about $92 billion in actual U.S. exports to Saudi Arabia according to the Arab Gulf States Institute (CBS News, 2025a). Third, no timeline was provided for when these investments would occur, and the figures represent aspirational pledges rather than binding commitments.
Claim 2: $18 Trillion in Investments Secured in Nine Months
Trump’s Statement: “In four long years, Joe Biden secured less than $1 trillion. In nine short months, I’ve secured $18 trillion.”
Rating: FALSE
Multiple fact-checkers have thoroughly debunked this claim. According to CNN, the White House’s own website lists “major investment announcements” at approximately $8.8 trillion—roughly half of Trump’s stated figure—and even that number is itself significantly inflated (CNN, 2025a).
A detailed review by PolitiFact found that the White House documents show approximately $2.1 trillion in corporate investment announcements and roughly $3 trillion in foreign country pledges, for a total of about $5.1 trillion when generously counting all claims (PolitiFact, 2025). This is still far short of $18 trillion.
Furthermore, these figures include numerous problematic items: investments announced before Trump took office (such as the Stargate AI project, which was in development in early 2024), pledges spread over many years or even a decade, vague commitments that may never materialize, and investments that would have occurred regardless of who was president. For example, Japan’s “$1 trillion” figure represents boosting existing investment from $783 billion to $1 trillion—an increase of approximately $217 billion, not a new $1 trillion investment (FactCheck.org, 2025).
The European Union has explicitly stated it cannot enforce the private investment pledges Trump attributes to it because such investments come from private companies outside the European Commission’s control (CNBC, 2025b).
Claim 3: Iran’s Nuclear Facilities Were “Obliterated”
Trump’s Statement: “We took the dark cloud away from your country. It was called Iran and its nuclear capability, and we obliterated that very quickly and strongly and powerfully… Three days later when the Atomic Energy Commission went, they said it was total obliteration, beyond obliteration.”
Rating: DISPUTED – Evidence suggests significant damage but not “obliteration”
The U.S. did conduct strikes on Iranian nuclear facilities on June 22, 2025, using B-2 stealth bombers with massive ordnance penetrator bombs in what was called “Operation Midnight Hammer” (PBS, 2025). The strikes targeted the Fordow, Natanz, and Isfahan nuclear facilities.
However, whether this constituted “obliteration” is heavily disputed. CNN reported that an early Defense Intelligence Agency assessment found the strikes “did not destroy the core components of the country’s nuclear program and likely only set it back by months” (CNN, 2025b). The assessment found that damage was “largely restricted to aboveground structures,” while the underground facilities where centrifuges and enriched uranium were located sustained less damage than expected.
NPR’s coverage found conflicting assessments: the Israeli Atomic Energy Commission said Fordow was rendered “inoperable,” and the head of the International Atomic Energy Agency said centrifuges were “no longer operational” (NPR, 2025a). However, independent experts noted that satellite imagery showed trucks at the sites before the strikes, suggesting Iran may have moved enriched uranium stocks before the attack.
David Albright of the Institute for Science and International Security assessed that while all centrifuges (approximately 22,000) may have been destroyed, Iran’s uranium stockpile may have been moved (NPR, 2025b). Jeffrey Lewis of the Middlebury Institute said the ceasefire “came without either Israel or the United States being able to destroy several key underground nuclear facilities.”
The truth appears to be somewhere between the administration’s “obliteration” claims and critics’ “minimal damage” assessments. Significant damage was done, but describing it as “total obliteration” of Iran’s nuclear capability overstates what the evidence supports.
Claim 4: “More Jobs Right Now Than We’ve Ever Had in the History of Our Country”
Trump’s Statement: “It was just announced. We have more jobs right now than we’ve ever had in the history of our country.”
Rating: MISLEADING
This claim requires significant context. Total employment numbers do tend to reach new highs over time simply due to population growth, so this claim is technically possible but not especially meaningful.
The September 2025 jobs report, released the day after this speech, showed:
The economy added 119,000 jobs in September, which was better than expected but reflects a labor market that “has shown little change since April” (Bureau of Labor Statistics, 2025). The unemployment rate rose to 4.4%, the highest since October 2021, and is higher than the 4.1% rate from a year earlier. August’s job numbers were revised to show a loss of 4,000 jobs—meaning the economy actually lost jobs that month. The average unemployment spell is now 24.5 weeks (nearly six months), the worst reading since November 2017 (NBC News, 2025).
The labor force did reach a record of 171.2 million in September (CNBC, 2025c). However, describing this as evidence of a strong labor market ignores the rising unemployment rate, very weak job growth, and deteriorating conditions for unemployed workers.
Claim 5: Egg Prices Down 86 Percent Since March
Trump’s Statement: “Since March egg prices are down 86 percent, 86 percent.”
Rating: EXAGGERATED
Egg prices have indeed fallen substantially from their February-March 2025 peak, but not by 86%.
According to USDA data, wholesale egg prices peaked at approximately $8.15-$8.17 per dozen in late February to early March 2025 (Axios, 2025). By late March, wholesale prices had dropped to around $3 per dozen—a decline of approximately 63% (Axios, 2025). Retail prices peaked at $6.23 per dozen in March 2025 and fell to $5.12 in April—a decline of about 18% from peak retail prices (NPR, 2025c).
As of mid-November 2025, USDA market reports show national wholesale egg prices around $2.08 per dozen for large white eggs (USDA, 2025). If measured from the all-time peak of $8.17, this would represent roughly a 75% decline—still significant but not 86%.
The decline in egg prices was primarily driven by a decrease in bird flu outbreaks and reduced consumer demand, not specific administration policies (FactCheck.org, 2025a).
Claim 6: Core Inflation Below 2.7 Percent
Trump’s Statement: “If you look at the numbers since I took office, core inflation is now below 2.7 percent.”
Rating: MOSTLY ACCURATE, depending on measure
This claim’s accuracy depends on which inflation measure is used. Core CPI (Consumer Price Index) inflation in September 2025 was 3.0% year-over-year (USAFacts, 2025). However, core PCE (Personal Consumption Expenditures) inflation—the Federal Reserve’s preferred measure—was approximately 2.7-2.9% (Federal Reserve Bank of Atlanta, 2025).
A Federal Reserve official noted that the September CPI of 3% “equates to about 2.7 percent in the PCE” (Federal Reserve Bank of Atlanta, 2025). So Trump’s claim is accurate when using the PCE measure but understates inflation when using CPI.
However, Trump’s characterization that “we have a beautiful normal inflation” overstates matters since the Federal Reserve’s target is 2%, and current inflation remains above that target nearly five years after it first exceeded 2%. Additionally, tariffs have contributed to keeping prices elevated, according to Fed officials (Federal Reserve Bank of Atlanta, 2025).
Claim 7: SNAP Costs Rose from $7 Billion to $47 Billion
Trump’s Statement: “When I left, that number was $7 billion. Now it’s $47 billion. That’s Biden.”
Rating: FALSE
These figures do not match any official SNAP data. According to Pew Research Center and other sources, federal SNAP spending in fiscal year 2024 was approximately $100.3 billion total (Pew Research Center, 2025). This is neither $7 billion nor $47 billion.
Through the first eight months of fiscal year 2025 (October 2024 through May 2025), the government spent almost $65 billion on SNAP benefits alone (Pew Research Center, 2025).
It’s unclear what Trump was referring to with these figures. If he meant monthly SNAP benefits, the November 2025 benefits were approximately $8 billion (CNN, 2025c). But there is no point at which SNAP spending was $7 billion annually or monthly that would match his claim.
SNAP spending did increase significantly during the COVID-19 pandemic due to emergency benefit expansions, but these have largely expired. When adjusted for inflation, spending peaked at $128 billion in 2021 and fell to $100 billion in 2024, nearing pre-pandemic levels (Pew Research Center, 2025).
Claim 8: Federal Reserve Spending $4 Billion on Building Renovation
Trump’s Statement: “They’re spending $4 billion on renovating a building that should have cost $25 million bucks to do.”
Rating: EXAGGERATED
The Federal Reserve’s headquarters renovation is estimated to cost approximately $2.5 billion, not $4 billion (Fox Business, 2025). This represents a cost increase from the original $1.9 billion budget but is still substantially less than Trump claimed.
The renovation involves two historic buildings that have not been comprehensively renovated since their construction in the 1930s and includes extensive work to remove asbestos and lead contamination, modern security upgrades (including blast-resistant windows), and replacement of obsolete building systems (Federal Reserve, 2025).
Fed Chair Jerome Powell has explained that cost overruns resulted from unexpected construction challenges, pandemic-era inflation, supply chain disruptions, and environmental factors including the buildings’ location near water table issues (Fortune, 2025). Notably, during Trump’s first term, his appointees to the Commission of Fine Arts required the project use more white marble, which added to costs (PBS, 2025a).
While $2.5 billion is certainly a substantial sum, Trump’s claim of $4 billion exaggerates the actual cost by approximately 60%.
Claim 9: Stock Market Set 46 All-Time Record Highs Since Election
Trump’s Statement: “Since the election, the stock market has set — and this is a little more than nine months, 46 all-time record highs.”
Rating: PLAUSIBLE
The stock market has indeed hit numerous all-time highs in 2025, making this claim plausible though difficult to verify precisely. The S&P 500 hit its first record close of the year on June 27, 2025, at 6,173, recovering from a nearly 19% drop in April following Trump’s tariff announcements (CNN, 2025d). By late October, the S&P 500 had closed at record highs above 6,800 (CNBC, 2025d).
The Dow Jones Industrial Average crossed 46,000 for the first time in September 2025 (CNN, 2025e), crossed 48,000 in November 2025 (CNBC, 2025e), and the Nasdaq has also hit multiple record highs (CNBC, 2025f).
However, several important caveats apply. First, the S&P 500 fell as much as 19% in April after Trump’s tariff announcements, losing $9.8 trillion in market value, before recovering (CNN, 2025d). Second, the market’s recovery came after the administration “walked back its most severe proposals” on tariffs (CNN, 2025g). Third, analysts attribute much of the gains to AI enthusiasm and corporate earnings rather than specific policies. Fourth, during the same period of Biden’s first year, the S&P 500 rose 38%, the best performance on record for a president’s first year, compared to Trump’s current 19.6% (CNN, 2025g).
Claim 10: Settled “Eight Wars”
Trump’s Statement: “I’ve settled eight raging conflicts, eight wars.”
Rating: EXAGGERATED
Trump has been involved in diplomatic efforts regarding multiple conflicts, but fact-checkers and international relations experts have found significant problems with this claim (FactCheck.org, 2025b; Axios, 2025a; PolitiFact, 2025a).
Regarding the specific conflicts Trump cites, the situations vary considerably. The Israel-Hamas ceasefire was brokered with Trump administration involvement, but the deal leaves major issues unresolved and experts describe it as fragile, not a comprehensive peace (Newsweek, 2025). For Israel-Iran, Trump helped broker a ceasefire after the June 2025 war, but no long-term peace agreement or nuclear deal has been reached. For India-Pakistan, Pakistan credited Trump and nominated him for the Nobel Peace Prize, but India explicitly denied any U.S. role in the ceasefire (CNN, 2025f). For Armenia and Azerbaijan, Trump hosted a White House signing ceremony, but they had already announced plans for peace five months earlier. For Congo-Rwanda, a peace deal was signed, but violence has continued, with hundreds of civilians killed since the June signing (Poynter, 2025). For Cambodia-Thailand, a ceasefire was reached, but the countries have since accused each other of violations leading to violent skirmishes. For Egypt-Ethiopia, there has been no armed conflict—only diplomatic disputes over a dam—so no “war” was ended. For Serbia-Kosovo, there has been no fighting during Trump’s second term, so no “war” was ended.
Experts note that Trump has had “a significant role in brokering some truces” but that his claims involve “exaggerations and inaccuracies” (FactCheck.org, 2025b). Many of these agreements are “incremental accords without a strong likelihood of long-term peace” (PolitiFact, 2025a).
Summary
Of the ten major claims examined, the following ratings emerge:
Largely Accurate: Saudi $1 trillion investment (announced as stated, though with significant caveats about whether it will materialize); Core inflation below 2.7% (depending on measure); Stock market records (plausible number of records, though context about April crash and recovery is important)
Exaggerated: Egg prices down 86% (actual drop approximately 63-75%); Federal Reserve $4 billion renovation (actual cost approximately $2.5 billion); “Eight wars” settled (involves significant overstatement of conflicts ended and lasting peace achieved)
False: $18 trillion in investments (actual documented pledges approximately $5-8 trillion, with many caveats); SNAP spending figures ($7 billion to $47 billion figures do not match any official data)
Disputed/Misleading: Iran nuclear “obliteration” (significant damage occurred but evidence suggests setback of months, not total destruction); “More jobs than ever” (technically possible due to population growth, but ignores rising unemployment and weak job growth)
References
Axios. (2025, March 28). Egg prices chart: Why eggs are dropping but could rise with Easter, bird flu. https://www.axios.com/2025/03/28/easter-egg-prices-go-down
Axios. (2025a, October 10). Nobel Peace Prize: Trump says he ended “8 wars.” Here’s what he means. https://www.axios.com/2025/10/10/gaza-trump-wars-ended-israel-nobel-prize
Bureau of Labor Statistics. (2025, November 20). The employment situation—September 2025 [News release]. U.S. Department of Labor. https://www.bls.gov/news.release/empsit.nr0.htm
CBS News. (2025a, November 18). MBS tells Trump Saudis will increase investments in U.S. to near $1 trillion. https://www.cbsnews.com/news/mbs-trump-saudis-1-trillion-investments/
CNBC. (2025a, November 19). From $1 trillion spending to F-35s, U.S.-Saudi pledges aren’t done deals yet. https://www.cnbc.com/2025/11/19/from-1-trillion-spending-to-f-35s-us-saudi-pledges-arent-done-deals-yet.html
CNBC. (2025b, August 6). Trump views foreign investment pledges as gifts. Trade partners say that’s way off the mark. https://www.cnbc.com/2025/08/06/trump-trade-tariffs-investment-pledge.html
CNBC. (2025c, November 20). Jobs report September 2025: 119,000 added, jobless rate 4.4%. https://www.cnbc.com/2025/11/20/jobs-report-september-2025.html
CNBC. (2025d, October 27). Stocks close at record highs for second day as AI trade heats up ahead of Fed rate decision. https://www.cnbc.com/2025/10/27/stock-market-today-live-updates.html
CNBC. (2025e, November 11). Stock market news for Nov. 12, 2025. https://www.cnbc.com/2025/11/11/stock-market-today-live-updates.html
CNBC. (2025f, July 24). Stock market news for July 25, 2025. https://www.cnbc.com/2025/07/24/stock-market-today-live-updates.html
CNN. (2025a, October 11). Fact check: Trump’s ‘$17 trillion’ investment figure is fiction. https://www.cnn.com/2025/10/11/politics/fact-check-trump-17-trillion-investment
CNN. (2025b, June 24). Exclusive: Early US intel assessment suggests strikes on Iran did not destroy nuclear sites, sources say. https://www.cnn.com/2025/06/24/politics/intel-assessment-us-strikes-iran-nuclear-sites
CNN. (2025c, October 28). Food stamps: Understanding what’s happening with SNAP benefits. https://www.cnn.com/2025/10/28/politics/snap-benefits-food-stamps-explainer
CNN. (2025d, June 27). America’s incredible stock market rebound is complete as S&P 500, Nasdaq hit record highs. https://www.cnn.com/2025/06/27/investing/stock-market-record-dow-sandp
CNN. (2025e, September 11). Dow crosses 46,000: Stocks hit record highs as Wall Street embraces Fed rate cut hopes. https://www.cnn.com/2025/09/11/investing/us-stock-market
CNN. (2025f, September 24). Checking in on the ‘seven un-endable wars’ Trump did (not) end. https://www.cnn.com/2025/09/24/world/seven-unendable-wars-trump-intl
CNN. (2025g, November 4). Trump’s undeniable stock market victory that no one saw coming. https://www.cnn.com/2025/11/04/markets/us-stock-market
FactCheck.org. (2025, May 20). Trump’s growing exaggeration of U.S. investments. https://www.factcheck.org/2025/05/trumps-growing-exaggeration-of-u-s-investments/
FactCheck.org. (2025a, April 3). Q&A on egg prices. https://www.factcheck.org/2025/03/qa-on-egg-prices/
FactCheck.org. (2025b, August 29). Addressing Trump’s claims about ending multiple wars. https://www.factcheck.org/2025/08/addressing-trumps-claims-about-ending-multiple-wars/
Federal Reserve. (2025). Federal Reserve’s renovation of two historic buildings. Board of Governors of the Federal Reserve System. https://www.federalreserve.gov/faqs/building-project-faqs.htm
Federal Reserve Bank of Atlanta. (2025, November 12). Weighing the risks: Why inflation tips the scales. https://www.atlantafed.org/news/speeches/2025/11/12/bostic-weighing-the-risks-why-inflation-tips-the-scales
Fortune. (2025, July 23). Here’s how the Fed’s renovation budget ballooned to $2.5 billion. https://fortune.com/2025/07/23/federal-reserve-renovation-cost-explained/
Foundation for Defense of Democracies. (2025, November 18). Saudi Crown Prince touts $1 trillion investment in U.S. during meeting with Trump. https://www.fdd.org/analysis/2025/11/18/saudi-crown-prince-touts-1-trillion-investment-in-u-s-during-meeting-with-trump/
Fox Business. (2025, November 19). Trump slams Federal Reserve renovation as ‘building a basement in the Potomac River’. https://www.foxbusiness.com/politics/trump-slams-federal-reserve-renovation-building-basement-potomac-river
NBC News. (2025, November 20). The U.S. added 119,000 jobs in September, but there are signs of a weakening labor market. https://www.nbcnews.com/business/business-news/september-jobs-report-release-rcna244863
Newsweek. (2025, October 27). Trump repeats claim he ended 8 wars, says no president has ever solved one. https://www.newsweek.com/trump-repeats-claim-he-ended-8-wars-says-no-president-has-ever-solved-one-10940343
NPR. (2025a, June 26). Obliterated? Damaged? Inoperable? What’s known about Iran’s nuclear facilities. https://www.npr.org/2025/06/26/nx-s1-5443666/obliterated-damaged-inoperable-iran-nuclear-facilities
NPR. (2025b, June 22). Satellites show damage to Iran’s nuclear program, but experts say it’s not destroyed. https://www.npr.org/2025/06/22/nx-s1-5441734/satellites-show-damage-iran-nuclear-program-not-destroyed-experts-say
NPR. (2025c, May 14). U.S. egg prices fall for the first time in months but remain near record highs. https://www.npr.org/2025/05/14/nx-s1-5397827/egg-prices-drop-inflation-bird-flu
PBS. (2025, June 22). How U.S. stealth bombers struck Iran’s nuclear sites without detection. https://www.pbs.org/newshour/world/how-u-s-stealth-bombers-struck-irans-nuclear-sites-without-detection
PBS. (2025a, July 18). Trump appointees pushed more marble in Federal Reserve building renovation White House now attacks. https://www.pbs.org/newshour/politics/trump-appointees-pushed-more-marble-in-federal-reserve-building-renovation-white-house-now-attacks
Pew Research Center. (2025, November 14). What the data says about food stamps in the U.S. https://www.pewresearch.org/short-reads/2025/11/14/what-the-data-says-about-food-stamps-in-the-us/
PolitiFact. (2025, May 8). Has Donald Trump secured $10 trillion in investments for U.S.? Not according to White House tallies. https://www.politifact.com/factchecks/2025/may/08/donald-trump/foreign-corporate-investment-10-trillion/
PolitiFact. (2025a, October 17). President Donald Trump said he’s the first US president to solve a war. Pants on Fire! https://www.politifact.com/factchecks/2025/oct/17/donald-trump/president-wars-ended-us-roosevelt-carter/
Poynter. (2025, October 14). Fact-checking President Donald Trump’s claims about peace, war and Iran after his Israel address. https://www.poynter.org/fact-checking/2025/trump-speech-israel-knesset/
USDA Agricultural Marketing Service. (2025, November 14). Egg markets overview. https://www.ams.usda.gov/mnreports/ams_3725.pdf
USAFacts. (2025). What is the current inflation rate in the US? https://usafacts.org/answers/what-is-the-current-inflation-rate/country/united-states/
White House. (2025a, November 18). Fact sheet: President Donald J. Trump solidifies economic and defense partnership with the Kingdom of Saudi Arabia. https://www.whitehouse.gov/fact-sheets/2025/11/fact-sheet-president-donald-j-trump-solidifies-economic-and-defense-partnership-with-the-kingdom-of-saudi-arabia/