TRUMP: 'We have the biggest tax cut bill in the history of our country.' THE FACTS: His tax cuts are nowhere close to the biggest in U.S. history.
1 / 2In this May 14, 2019, photo, Russian President Vladimir Putin, right, and U.S. Secretary of State Mike Pompeo, shake hands prior to their talks in the Black Sea resort city of Sochi, southern Russia.
TRUMP:"We lost $180 billion with the European Union." — remarks to National Association of Realtors on Friday.The United States does have a huge trade deficit with China, totaling $378.7 billion last year, as well as a $109 billion trade deficit with the EU. That means China and the EU exported far more to the United States than vice versa. But in return, U.S. businesses and consumers received goods and services with that money.
THE FACTS: There's not much truth to this. The U.S. economy hasn't done as well, nor has China done as badly, as Trump says. The U.S. economy has grown at a healthy pace since Trump's inauguration in January 2017, but not by"trillions and trillions." Tariffs are a decidedly modest portion of revenue in modern times and Trump has not changed that with the escalation of his trade fight with China. Customs and duties generated $41.3 billion in revenues last year, up from $34.6 billion in 2017 . That $6.7 billion increase occurred in part because of the president's tariffs. But it amounted to just 0.16% of federal spending.RUSSIA INVESTIGATION
THE FACTS: That's an outdated boast. Trump appeared to be referring to recent decreases in the Labor Department's Consumer Price Index for prescription drugs. But the index was updated Friday, before Trump's latest claim, and it showed an increase of 0.3% in April for prescription drug prices when compared with the same month last year.Other independent studies point to increasing prices for brand name drugs as well and more overall spending on medications.
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