President Trump claimed over $20 trillion in foreign investment has entered the US during his second term. He stated this figure is unprecedented globally, potentially reaching $25 trillion by term's end. However, UBS economist Arend Kapteyn's analysis presents a different picture. Kapteyn found that new foreign direct investment in 2025 was only $232 billion. This amount is about $30 billion below the ten-year average and lower than any pre-pandemic year when adjusted for inflation. Kapteyn's data indicates that the White House's narrative of a manufacturing revival is not supported by this investment data. The White House tracker lists trillions in announced investments, but Kapteyn notes little is reflected in actual Foreign Direct Investment figures. A significant portion of this new investment, 94%, involved acquiring existing US firms. Only a small percentage went towards creating new businesses or expanding existing foreign operations. This suggests foreign capital is primarily changing ownership rather than increasing productive capacity. The discrepancy may be due to lags between pledges and spending, and the ultimate use of funds for new production versus acquisitions remains a key question.