May 9, 2025 Editor, The News-Gazette: On May 4, Mr. David Dax questioned Mike Lowry’s statement regarding $2 trillion in “new manufacturing investments announced since Trump took office,” without sources/evidence. Mr. Dax suggests commentators provide details and sources. Assessing annual reports and public announcements I find the following: Of the $1.1 trillion for Apple, NVIDIA, and Taiwan Semiconductors, Apple announced $430 billion prior to Trump taking office, NVIDIA had already started production in Phoenix with other construction underway and Taiwan Semiconductors first announced on April 8, 2024. All three were incentivized by the 2022 CHIPS Act, about which Mr. Trump has said, “That chip deal is so bad,” but is now taking credit. Stargate’s $500 billion investment has been in development for at least a year.
The majority of J&J had already been committed, while Eli Lilly had contributed $23 billion since 2020. Two-thirds of the ADQ Energy Partners investment goes to international locations. Of the Merck $8 billion, Merck had already invested $12 billion in the preceding few years. Readers may be particularly interested in the $20 billion DAMAC investment and research DAMAC’s owner, Hussain Sajwani.
Anyone who has spent time in business knows it takes months to plan capital investments of this magnitude. Policy experts note, “it’s frankly too soon” to directly attribute new investments to Trump’s policies.
The real Trump effect – as of May 5, $8 trillion lost in U.S. markets, Goldman Sachs predicts an additional 20% decline, the dollar continues to weaken, GDP fell for the first time in three years, U.S. ports are at half capacity while supply chains pile up in international ports. Small businesses are already paying twice for their products wondering how long they can hang on. Even the most conservative publications, The Economist, Wall Street Journal and Barrons conclude if Trump continues this course, it will be calamitous, not just for the U.S. but for the world.
K. ELIZABETH HEMBREE Rockbridge County
