10 Big Lies from Trump’s “Liberation Day” Speech — And the Facts That Expose Them
Lie After Lie, Tariff by Tariff—Pinocchio Would Be Proud
Donald Trump’s April 2, 2025, “Liberation Tariff” speech was not a policy address. It was a fireworks display of misinformation, fear-mongering, and fantasy economics—all wrapped in dangerous nationalist rhetoric. On Wednesday afternoon, Trump made Pinocchio proud.
Let’s be blunt: I don’t trust Trump. Not as a leader, not as a steward of our economy, and certainly not as someone who respects the truth. This speech confirmed, once again, that he is unfit to manage the complex realities of global trade and American prosperity. The global markets are now responding and it’s not good.
Here are the 10 biggest lies and misstatements from his speech, debunked one by one with verified facts.
1. “We’re going to use trillions and trillions of dollars to reduce our taxes and pay down our national debt… and it will all happen very quickly.”
The Truth:
This is sheer fantasy. In all of fiscal 2019, when Trump’s first wave of tariffs was in full force, the U.S. government collected $72 billion in customs duties—not trillions. Even a 10% blanket tariff on $3.5 trillion in imports would bring in $350 billion annually, assuming zero evasion or fallout (which is laughable).
To “pay down the debt” with tariffs is like trying to refill Lake Mead with a garden hose.
2. “The Great Depression would have never happened if they had stayed with the tariff policy.”
The Truth:
This is a dangerous and inaccurate rewriting of history. The Smoot-Hawley Tariff Act of 1930, which raised tariffs on 20,000+ goods, triggered a wave of retaliation and deepened the Great Depression.
U.S. exports fell by over 60%, global trade collapsed, and economists agree today: protectionism made the Depression worse, not better.
3. “Under Biden, our trade deficit reached a record $1.2 trillion… the worst in history.”
The Truth:
Yes, the trade deficit hit a record in raw dollars—but that’s because Biden oversaw one of the strongest post-pandemic recoveries in the world, driving up consumer demand, business investment, and imports.
Trade deficits aren’t inherently bad; they often reflect a growing economy buying more capital goods and raw materials to build and expand.
More importantly, Biden repaired global supply chains, rebalanced trade relationships through the USMCA and Indo-Pacific agreements, and brought strategic manufacturing back home—including semiconductors, EVs, and clean energy components.
Trump, by contrast, ran up the deficit with tariffs that hurt U.S. exporters and did nothing to fix the imbalance.
4. “We can’t produce antibiotics… We have to go to foreign countries to treat our sick.”
The Truth:
Flat-out wrong. The U.S. can and does manufacture essential antibiotics and pharmaceuticals domestically.
USAntibiotics, based in Bristol, Tennessee, manufactures Amoxicillin and Amoxicillin-Clavulanate (Augmentin). Pfizer, Merck, Amneal Pharmaceuticals, and Par Pharmaceutical (part of Endo International) operate major production facilities in the U.S., manufacturing a wide range of medications including antibiotics, cancer treatments, and sterile injectables.
The FDA’s Drug Shortages Database shows that while disruptions occur, the U.S. has maintained or restarted domestic production of dozens of critical drugs in recent years. And the Inflation Reduction Act and other federal initiatives have also funded the rebuilding of U.S. pharmaceutical manufacturing infrastructure.
Yes, the global supply chain is vulnerable—but claiming we “can’t produce” medicine here is pure fear-mongering. We not only have the capacity—we’re investing to expand it.
5. “Canada imposes 250% to 300% tariffs on many of our dairy products.”
The Truth:
Misleading cherry-picking. Canada uses tariff-rate quotas: low tariffs for initial import volumes, higher ones after that.
More importantly: Trump renegotiated and signed the current dairy agreement in the USMCA, which expanded access for U.S. dairy farmers. He’s attacking the very deal he took credit for.
6. “We charge a 2.5% tariff on foreign cars, and other countries charge 60–75% or more.”
The Truth:
That 2.5% only applies to cars. But the U.S. charges 25% on imported trucks—a huge market segment. And countries like Japan? They don’t even impose car tariffs, contrary to what Trump says.
American cars don’t sell abroad primarily due to design, fuel efficiency, and local consumer preferences, not tariffs.
7. “We’ve already created 10,000 manufacturing jobs in a few weeks.”
The Truth:
That number is technically accurate—but misleading. The Bureau of Labor Statistics shows 10,000 new manufacturing jobs in February 2025, but job creation is a long-term process, not a “Trump shows up and boom—jobs” miracle. Most of the policies and efforts resulting in these jobs started years earlier during the Biden administration.
Infrastructure doesn’t build itself in 30 days.
8. “Tariffs will lead to lower prices for consumers.”
The Truth:
Absolutely not. Tariffs are taxes on imports, paid by U.S. companies and passed on to American consumers. Period.
His 2018 tariffs drove up prices on washing machines, steel, aluminum, and more. The Peterson Institute estimated Trump’s tariffs cost households over $1,200 a year.
9. “We had virtually no inflation for four years… and then it hit the highest ever under Biden.”
The Truth:
In Biden’s last two years, inflation steadily declined—from 6.4% in early 2023 to around 2.9% by the end of 2024—putting it back within a normal range. Biden assumed a complicated post-pandemic world and hurting global economy. But because of his economic policies, and despite Trump’s claims, Biden left office with inflation under control and trending downward.
Now it’s true that inflation was low under Trump towards the end of his first term, but it’s because of COVID-19 shutdowns, not great policy. Demand collapsed, and so did price growth.
10. “We’re going to become wealthy again through tariffs—just like we were before 1913.”
The Truth:
In the 19th century, tariffs funded the federal government because it was tiny. No Social Security. No military complex. No Medicare.
Today, tariffs make up less than 2% of federal revenue. We are not going to power a $6 trillion budget with import taxes. The math simply doesn’t work.
Final Thoughts: Trump’s Trade “Revolution” Is an Economic Threat
This wasn’t a policy speech—it was a dangerous sales pitch built on lies. Exhibit #1, the morning after, the markets are plunging and the dollar is weakening around the globe.
Tariffs aren’t a magic wand. They don’t pay down debt. They don’t create factories overnight. And they certainly don’t make groceries cheaper.
Trump is selling economic nationalism wrapped in historical fiction. And we’ve seen where that road leads: higher prices, trade wars, and global instability.
For those of you still drinking the MAGA Kool-Aid, please stop right now. Trump’s not liberating America. He’s holding it hostage to a broken, dishonest vision.
Mitch Jackson, Esq. | links
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ONLY 10?????!!!!!