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America is Winning Once Again a Year After Liberation Day

The White House

“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

As America marks one full year since Liberation Day, the U.S. economy stands more resilient, more competitive, and more secure than it did just 12 months ago. President Trump’s tariffs have protected American workers, generated substantial new revenue, encouraged fairer trade deals, and accelerated the return of manufacturing to U.S. soil.
 
The results of President Trump’s America First trade policy are unmistakable:

  • Narrowing Trade Deficits: The U.S. goods trade deficit has fallen 24% from April 2025 through February 2026 compared to the same period a year earlier, and has decreased every single month on a year-over-year basis since Liberation Day.
  • Rebalancing Global Trade: U.S. bilateral trade balances in goods have improved more than 63% of our trading partners since Liberation Day.
    • The U.S. goods trade deficit with China has gone down by 32% over the past year, and 46% from April 2025 through January 2026. For the first time since 2000, China is no longer the trading partner with which the United States has its largest trade deficit.
    • The U.S. goods trade deficit with the European Union has gone down by nearly 40% from April 2025 through January 2026, compared to a year earlier.
    • The U.S. has even started to run a goods surplus with Switzerland for the first time since 2012.
  • Foreigners Producers Are Bearing the Cost: After Liberation Day, according to a Bank of England study, the average price of exports to the U.S. fell, but the average price of exports to other countries did not. This is one indication that foreigners are ultimately paying for a share of the tariffs by lowering export prices.
  • Securing Fair, America First Trade Deals: The Trump Administration has secured more than 20 new trade agreements with major partners including the EU, Japan, India, Vietnam, and Argentina.
    • These deals cover over half of global GDP, tear down 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.
  • Driving a Resurgence in American Manufacturing: Trillions in private and foreign investments are fueling a historic reshoring of American industry, bring jobs, production, and supply chains back home.
    • Investments span sectors and companies across the economy — from Apple to Toyota to Sharpie to Micron to Pfizer.
    • Shipments of core capital goods—a leading indicator of new industrial capacity—reached new record highs in 2025. Capital goods imports as a share of all goods imports are at an all-time record high.
  • Manufacturing Activity is Rebounding: In January 2026, a leading indicator based on surveys of U.S. manufacturers signaled that factory activity expanded for the first time in over two years. This trend has continued in February and March.  These are the highest readings since August 2022.
    • The industrial production index is at its highest level since 2019, and has been on an upward trend since President Trump was elected in November 2024.
    • In 2025, the United States surpassed Japan in crude steel production for the first time since 1999, becoming the world’s third-largest steel producer behind China and India.
    • Manufacturing productivity registered its biggest annual increase in 2025 in nearly two decades.
  • American Workers Are Benefiting: Private sector workers have seen strong real wage gains of more than $1,400 in just one year, decisively beating inflation. Blue-collar workers have benefited the most, 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 made up all of the wages they lost under Biden.
    • Under Biden, workers’ real wages couldn’t keep up with inflation – causing American workers to lose nearly $3,000 in purchasing power.

These strong results prove that President Trump’s America First trade policies are making our country wealthy, strong, and respected once again. As more agreements take effect and investment continues to surge, one thing is clear: America’s best days are still ahead.

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