In an address to business leaders at the APEC CEO Lunch in Gyeongju, South Korea, President Donald Trump made numerous claims that require examination. Following are several.
Research assistance from ChatGPT AI. For a summary of the speech, see Trump?s APEC Address: $18 Trillion in Investments, Peace Deals, and Xi Meeting Preview.
Here?s a concise, source-based fact check of five claims from President Trump?s October 29, 2025 APEC remarks in South Korea. Full references at the end of this document.
- ?Over $18 trillion? in new investment commitments in < 1 year
Assessment: Not supported by verifiable evidence.
What he said: The transcript records Trump claiming ?in less than one year, we?ve secured commitments for over $18 trillion of new investments.? (Singju Post transcript). (Singju Post, 2025) (The Singju Post)
What the record shows: Independent reviews find the administration?s own public tally of announced deals is far lower (roughly $8.9 trillion listed?and that roster includes vague, unfinalized or double-counted items, and some projects initiated under prior policy frameworks). Major outlets report the widely repeated ?$17?18 trillion? figure is substantially inflated relative to identifiable, binding commitments. (Associated Press, 2025; Reuters, 2025). (AP News)
Bottom line: The $18T claim is unsubstantiated at this time. -
Inflation ?has dropped to 2.7%,? near an ?almost perfect? 1?2% range; ?worst inflation ever? is over
Assessment: Misleading.
? Which inflation? The latest official Consumer Price Index (CPI) was 3.0% year-over-year in September 2025?not 2.7%. (BLS, 2025). (Bureau of Labor Statistics)
? A different gauge (headline PCE?the Fed?s preferred index) was 2.7% year-over-year in August 2025, the most recent available PCE reading before his speech. (BEA, 2025; Reuters, 2025). (It may reach a new reading on Oct. 31.) (BEA, 2025; Reuters, 2025). (Bureau of Economic Analysis)
? ?Worst inflation ever? is incorrect. U.S. inflation peaked far higher in the late 1970s/early 1980s (e.g., 13.5% in 1980 annual CPI). (Minneapolis Fed, 2025). (Federal Reserve Bank of Minneapolis)
Bottom line: Using PCE, 2.7% is plausible for August; using CPI, inflation was 3.0% in September. The ?worst ever? characterization is historically false. -
Executive order requiring elimination of 10 rules for each new one; ?already? achieving ~30:1
Assessment: Partly accurate, partly unverified.
? Policy: There is a 2025 executive order (?Unleashing Prosperity Through Deregulation?) that directs agencies to identify at least 10 rules to repeal for each new rule. (Federal Register, 2025). (Federal Register)
? Performance: An audited, governmentwide 30-to-1 outcome is not documented in official, public reporting. Independent regulatory trackers do not corroborate that ratio to date. (Brookings, 2025). Some political/press statements assert high ratios, but those are not substantiated by a formal, verifiable OMB tally. (Brookings, 2025). (Brookings)
Bottom line: The 10-for-1 order exists; the ?30-to-1? achievement claim lacks published, verifiable evidence. -
Two Louisiana LNG plants approved in ?one day? and ?one week,? after waits of 15?17 years; now ?setting records?
Assessment: Contradicted by the regulatory record.
? Cameron LNG (Louisiana) received key FERC/DOE approvals during 2014?2016, years before this term; timelines ran months/years, not ?one day.? (FERC orders and DOE approvals; see also contemporaneous fact-checks). (FERC, 2014?2016; DOE, 2014?2015; PolitiFact, 2019). (The Department of Energy’s Energy.gov)
? Commonwealth LNG (Louisiana) progressed through multiyear FERC/DOE reviews, with a supplemental EIS in 2025 and final non-FTA export authorization on Aug. 29, 2025?again, measured in months/years across agencies. (FERC & DOE records; Reuters, 2025). (Federal Energy Regulatory Commission)
Bottom line: The ?one day/one week? approvals claim is inconsistent with documented, multiyear federal approval timelines. -
?Tariffs are now projected to reduce our deficit by $4 trillion over the next 10 years? much more than that.? Also: ?If you build in America, there are zero tariffs.?
Assessment: Mixed?directionally consistent with one CBO assessment, but overstated and oversimplified.
? Deficit impact: On August 22, 2025, CBO estimated the tariff program would reduce cumulative deficits by about $4.0 trillion over the next decade on a conventional basis (with important caveats). Other analyses (e.g., Yale Budget Lab) put net/dynamic revenue lower. (CBO, 2025; Financial Times, 2025; Yale Budget Lab, 2025). (Congressional Budget Office)
? ?Zero tariffs if you build in America?: Tariffs are taxes on imported goods. Producing domestically avoids tariffs on the domestically produced finished good?but imported parts/inputs used in that U.S. factory can still face tariffs, and special trade-program rules (e.g., FTZs/drawback) complicate the picture. (CRS, 2025; CBP/Trade.gov). (Congress.gov)
Bottom line: The $4T figure reflects one prominent CBO projection under specific assumptions; independent estimates vary downward when dynamic effects are included. The ?zero tariffs? framing is directionally true for U.S.-made end products but glosses over tariffs on imported inputs and program nuances.
References
Associated Press. (2025, October 6). Trump says the U.S. has secured $17 trillion in new investments. The real number is likely much less. https://apnews.com (Associated Press, 2025). (AP News)
Bureau of Economic Analysis. (2025). Personal Consumption Expenditures Price Index: Latest releases and data. https://www.bea.gov (BEA, 2025). (Bureau of Economic Analysis)
Bureau of Labor Statistics. (2025, October). Consumer Price Index summary and release tables (September 2025). https://www.bls.gov (BLS, 2025). (Bureau of Labor Statistics)
Brookings Institution. (2025, October 22). Tracking regulatory changes in the second Trump administration. https://www.brookings.edu (Brookings, 2025). (Brookings)
Congressional Research Service. (2025, January 31). U.S. tariff policy: Overview (IF11030). https://www.congress.gov (CRS, 2025). (Congress.gov)
Congressional Budget Office. (2025, August 22). An update about CBO?s projections of the budgetary and economic effects of tariff increases. https://www.cbo.gov (CBO, 2025). (Congressional Budget Office)
Federal Register. (2025, February 6). Unleashing prosperity through deregulation (Executive Order). https://www.federalregister.gov (Federal Register, 2025). (Federal Register)
Financial Times. (2025, August 22). Tariff revenue will cut US deficits by $4tn over next decade, fiscal watchdog says. https://www.ft.com (Financial Times, 2025). (Financial Times)
FERC & DOE dockets and orders (Cameron LNG; Commonwealth LNG). (2014?2025). https://www.ferc.gov; https://www.energy.gov (FERC/DOE, 2014?2025). (The Department of Energy’s Energy.gov)
Minneapolis Fed. (2025). CPI and historical inflation data. https://www.minneapolisfed.org (Minneapolis Fed, 2025). (Federal Reserve Bank of Minneapolis)
PolitiFact. (2019, August 16). Trump falsely takes credit for two large industrial projects. https://www.politifact.com (PolitiFact, 2019). (PolitiFact)
Reuters. (2025, September 26 & October 7). U.S. consumer spending/inflation; Commonwealth LNG extension. https://www.reuters.com (Reuters, 2025). (Reuters)
Singju Post. (2025, October 29). Transcript: President Trump?s remarks at APEC Summit in South Korea. https://singjupost.com (Singju Post, 2025). (The Singju Post)
The Budget Lab at Yale. (2025, October 17). State of U.S. tariffs. https://budgetlab.yale.edu (Yale Budget Lab, 2025). (The Budget Lab at Yale)
Trade.gov. (n.d.). Import tariffs & fees overview. U.S. Department of Commerce. https://www.trade.gov (Trade.gov, n.d.). (Trade.gov)
White House. (2025, August 22). ICYMI: Tariffs will reduce deficit by $4 trillion. https://www.whitehouse.gov (White House, 2025). (White House)
White House (Investments page). (2025). Investments ? tally of announced projects. https://www.whitehouse.gov (White House ? Investments, 2025). (White House)