“One year ago today, President Trump threw away the illusions of ‘free trade’ to finally put Americans and America First. The results since Liberation Day have been astonishing: over 20 new trade deals, trillions in manufacturing investments, lower drug prices, and lower goods trade deficits. And this is just the beginning of the President’s transformation of global trade: as these investment and trade deals continue taking effect, and more get signed, Americans can count on the best being yet to come.”
— White House spokesman Kush Desai
One year after marking Liberation Day, the U.S. economy has become more robust, competitive, and secure compared to a year ago. President Trump’s tariffs have safeguarded American jobs, generated significant revenue, promoted equitable trade agreements, and spurred the repatriation of manufacturing to American soil.
The impact of President Trump’s America First trade policy is clear:
- Reducing Trade Deficits: The U.S. goods trade deficit decreased by 24% from April 2025 to February 2026 compared to the previous year, with monthly reductions since Liberation Day.
- Balancing Global Trade: U.S. trade balances with goods have improved with over 63% of trading partners since Liberation Day.
- Over the past year, the U.S. goods trade deficit with China has decreased by 32%, and 46% from April 2025 through January 2026. For the first time since 2000, China is no longer the largest trade deficit partner for the U.S.
- The trade deficit with the European Union fell by nearly 40% from April 2025 to January 2026, compared to the previous year.
- The U.S. is now running a goods surplus with Switzerland for the first time since 2012.
- Foreign Producers Absorbing Costs: After Liberation Day, a Bank of England study found that export prices to the U.S. decreased, while prices to other countries did not, indicating that foreign producers are bearing some of the tariff costs.
- Establishing Fair, America First Trade Deals: The Trump Administration has secured over 20 new trade agreements with major partners like the EU, Japan, India, Vietnam, and Argentina.
- These agreements cover over half of global GDP, reduce non-tariff barriers, and open new markets for U.S. agriculture, energy, and industrial goods, with partners like Japan and the EU aligning with U.S. auto standards.
- Revitalizing American Manufacturing: Trillions in private and foreign investments are fostering a significant reshoring of American industry, bringing jobs, production, and supply chains back to the U.S.
- Investments span a range of sectors and companies, including Apple, Toyota, Sharpie, Micron, and Pfizer.
- Shipments of core capital goods—a key indicator of new industrial capacity—reached record highs in 2025. Capital goods imports as a percentage of all goods imports are at a historic high.
- Manufacturing Activity is Recovering: In January 2026, surveys of U.S. manufacturers indicated factory activity expanded for the first time in over two years, continuing through February and March, with the highest readings since August 2022.
- The industrial production index is at its highest level since 2019, with an upward trend since President Trump’s election in November 2024.
- In 2025, the U.S. surpassed Japan in crude steel production for the first time since 1999, becoming the world’s third-largest steel producer after China and India.
- Manufacturing productivity saw its largest annual increase in 2025 in nearly twenty years.
- Benefits for American Workers: Private sector workers enjoyed real wage increases of over $1,400 in a year, outpacing inflation. Blue-collar workers saw the most benefits, with manufacturing wages up $1,800, construction wages up $3,000, and mining and logging wages up $1,900.
- In just one year under President Trump, blue-collar workers have recovered all the wages lost under Biden.
- During Biden’s period, workers’ real wages failed to keep up with inflation, leading to a loss of nearly $3,000 in purchasing power.
These impressive outcomes demonstrate that President Trump’s America First trade policies are restoring the nation’s wealth, strength, and respect. With more agreements being enacted and investments rising, America’s future looks promising.
