New multi-billion-dollar investments in the United States have been announced, helping to fulfill President Donald Trump’s campaign promises, but they still aren’t stopping worries about a recession.

Why It Matters

Trump ran for a second term by espousing pro-American business sensibilities on the campaign trail as part of the second rendition of his “Make America Great Again” endeavors.

More recently, that has equated to a slew of tariffs against longtime American allies Canada, Mexico and countries within the European Union. Canada and the EU responded to 25 percent tariffs with 20 percent tariffs of their own against the United States. The U.S. levied 25 percent taxes on China.

On March 12, the U.S.—which buys more steel than any other nation—imposed 25 percent tariffs on all U.S. steel and aluminum imports. The U.S. Department of Commerce lists Canada, Brazil, and Mexico as the country’s biggest suppliers.

Just days into his second term, the Trump administration placed a freeze on almost all federal grants, creating uncertainty for grants like the Manufacturing Extension Partnership. The MEP, according to the National Institute of Standards and Technology, has created more than 107,000 jobs and catalyzed nearly $5 billion in new investment in the sector.

Meanwhile, a volatile stock market is compounded by fears of higher inflation amid a national consumer base losing confidence in their own economy.

The most recent consumer confidence survey from the University of Michigan released March 14 showed a 10.5 percent decline from February, failing to meet the expected forecasts of 63.1. Declines in confidence were measured across all groups by age, education, income, political affiliation and geographic region.

The year-ahead inflation outlook spiked to 4.9 percent from 4.3 percent in February, the highest level since November 2022.

According to US Bank, the S&P 500 was down more than 9 percent from its all-time high in February as of mid-March.

What To Know

Multiple companies are still putting big money into the U.S. economy.

• Johnson & Johnson: On Friday, Johnson & Johnson announced manufacturing, research and development, and technology investments of more than $55 billion in the U.S. over the next four years. They say it represents a 25 percent increase in investment compared to the previous four years under President Joe Biden, crediting an increase in investment levels to the 2017 Tax Cuts & Jobs Act. Also on Friday, the company broke ground on a 500,000-square-foot biologics manufacturing facility in Wilson, North Carolina.
• SoftBank: On Monday, SoftBank CEO Masayoshi Son visited Trump at Mar-a-Lago and announced a $100 billion investment over the next four years with a promise to create 100,000 jobs focused on artificial intelligence and related infrastructure, according to CNBC.
• United Arab Emirates: After a meeting with Trump, the United Arab Emirates committed to a 10-year, $1.4 trillion agreement with the U.S. that will sustain existing investments in AI infrastructure, semiconductors, energy, and American manufacturing, according to Reuters.
• Taiwan Semiconductor Manufacturing Company: Semiconductor giant TSMC announced earlier this month in response to Trump’s tariffs threat on foreign chips that it would invest another $100 billion into its U.S. operations. The anticipated new chip fabrication plants, two advanced packaging facilities, and a new research and design center will increase the company’s total investment in Phoenix to $165 billion—the largest foreign direct investment in U.S. history.
• In January, Trump announced a $500 billion private investment in AI infrastructure led by OpenAI, Oracle and SoftBank.
• Apple: Tech giant Apple announced a $500 billion investment.
• Nvidia: On Thursday, the White House announced that chipmaker Nvidia would invest hundreds of billions of dollars over the next four years in U.S.-based manufacturing operations.

In comparison, the Biden administration, as of October 2024, created over 700,000 new manufacturing jobs and announced over $910 billion in private manufacturing investments, according to the Commerce Department.

In November 2024, the Small Business Administration announced an all-time high of more than 20 million business applications filed under Biden’s watch.

Investors were also enticed by subsidies resulting from Biden-era legislation like the Bipartisan Infrastructure Law, Chips and Science Act (CSA) and Inflation Reduction Act (IRA).

What People Are Saying

Nvidia CEO Jensen Huang: “Having the support of an administration who cares about the success of this industry and not allowing energy to be an obstacle is a phenomenal result for AI in the U.S.”

Johnson & Johnson Chair and CEO Joaquin Duato: “Our increased U.S. investment begins with the ground-breaking of a high-tech facility in North Carolina that will not only add U.S.-based jobs but manufacture cutting edge medicines to treat patients in America and around the world.”

What Happens Next

A recession could still be looming based on what experts describe as an economy mired by consistent inflation, fewer jobs or more unemployment, slower production across multiple sectors, and tighter monetary policy from the Federal Reserve.