Thursday marked the one-year anniversary of former President Donald Trump’s implementation of significant tariffs on imported goods. Critics are now assessing the economic impact of these policies, with many concluding they have fallen short of expectations.

Tariff Promises Unfulfilled

The Tax Foundation published an analysis on Monday examining the claims made by President Trump regarding the benefits of the tariffs, including the assertion that “jobs and factories will come roaring back” due to increased foreign investment. However, the analysis found this promise has not materialized.

Foreign Investment Declines

According to the Tax Foundation, foreign direct investment (FDI) into the United States has not seen a dramatic increase. In 2025, FDI totaled $288.4 billion, significantly lower than President Trump’s claims and below the average of the prior ten years at $320.7 billion. FDI was also lower than the annual totals in 2021, 2022, 2023, and 2024.

Manufacturing Job Losses

The analysis also revealed a decline in manufacturing jobs following the implementation of the tariffs, with a net loss of 89,000 jobs between April 2025 and February 2026.

Expert Criticism

Dario Perkins, head of global research at TS Lombard, stated in an interview with The Guardian that Trump’s tariff scheme, which was later ruled unconstitutional by the US Supreme Court in February, discouraged foreign investment in the US. “If you think that discouraging investors from buying assets in the US is a victory, then you don’t believe in a growing economy,” Perkins explained. He added that the country would have been better off if Trump had spent the last 14 months on the golf course.

Investor Hesitation

Russ Mould, investment director of AJ Bell, wrote in a research note flagged by CNBC that Trump’s tariffs prompted global investors to seek nations with more stable economic policies. “Investors do seem to have thought carefully about where to allocate capital…The US stock market may have bounced back strongly…but it has not been the first destination of choice,” Mould noted.

Damage to US Financial Image

Nigel Green, CEO of deVere Group, told CNBC that Trump’s trade war had damaged America’s reputation as a safe financial haven. He explained that investors are now selectively investing in sectors aligned with favorable policies and avoiding those exposed to trade disruption.

Concerns Over Personal Financial Gain

Groundwork Collaborative released a fact sheet on Thursday highlighting how the Trump administration may have used tariff policy to benefit the former president’s personal finances. “Tariff policy has been used as leverage to secure favorable treatment for Trump’s personal business interests,” the organization explained, citing a Trump-linked golf development as an example.

Democratic Party Response

In a social media post on Thursday, the Democratic Party marked the anniversary by stating that Trump’s tariffs had led to over one million layoffs, soaring inflation, and the weakest job market in decades, calling Trump’s economy a “complete failure.”