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One moment that got applause from politicians on both sides of the aisle: Trump's mention of the Stop Insider Trading Act, a proposed law that aims to prohibit members of Congress, their spouses and dependent children from purchasing individual, publicly traded stocks. 

"As we ensure that all Americans can profit from a rising stock market, let's also ensure that members of Congress cannot corruptly profit from using insider information," Trump said. 

After getting kicked out of the chamber, Rep. Al Green told reporters outside that he could not let any potential consequences prevent him from doing what he believed was right. 

"That's where we are now. We are back to a point where people have to take a stand," he said. 

David Michael Lamb

Trump said "hundreds of billions" of dollars have been raised by his tariffs. This is true.

In 2025, the U.S. Collected $287 billion in tariffs, almost triple the amount in recent previous years. Nearly $100 billion of that was in the last three months of the year.

Trump also said foreign countries are paying the tariffs. This is not true. 

Earlier this month, the Congressional Budget Office said foreigners are only paying about five per cent of the tariffs. The other 95 per cent are paid by Americans.

With four members of the Supreme Court sitting in the front row, right in Trump’s line of sight, many expected the president wouldn’t be able to resist a swipe at them over their decision on tariffs.

Three of the four in attendance — Roberts, Kagan and Barrett (who Trump appointed) — were part of the majority in the 6-3 ruling that stated Trump’s imposition of global tariffs under an emergency powers act was unconstitutional. (Brett Kavanaugh, also there, voted in support).

After the ruling, Trump lashed out at the justices who voted against him, referring to them as "fools and lapdogs" and "disloyal to the constitution."

But tonight, his remarks were certainly more measured. He referred to the decision as a "very unfortunate ruling" but avoided any personal insults.

The overall theme so far in Trump's address is one of celebration, whether celebrating his accomplishments so far in his second term, celebrating the upcoming 250th anniversary of U.S. Independence, or celebrating the U.S. Olympic hockey team. 

Trump certainly made the most of the men's team's appearance in Congress, talking about them for more than five minutes. The images of smiling hockey players with gold medals around their necks will play well. 

For the first 10 minutes of his speech, before the arrival of the hockey team, Trump appeared to largely stick to the prepared text of his speech. That's something he often doesn't do, with his penchant for going off on tangents. 

He read off a long list of accomplishments in his first year back in office, punctuated by enthusiastic applause from Republicans in the House.

Trump noted that stock markets have been rising all year and setting records.

It’s true that the Dow Jones Industrial Average hit an all-time high in January of 50,000 points (it has since fallen a bit). 

The S&P 500 also recently hit a record 7,000 points. But the performance of U.S. Stock markets in 2025 was not as good as elsewhere.

Over the past year, the Dow has gained about 13 per cent in value, the S&P 500 has gained about 15 per cent, and the NASDAQ about 18 per cent.

Compared to some other global economies, that is weak. Canada’s S&P/TSX is up 35 per cent in the past year. Japan’s Nikkei is up 49 per cent, the U.K.’s FTSE 100 is up 23 per cent, and South Korea’s main stock index has more than doubled.

Trump said he would be awarding the Presidential Medal of Freedom to Connor Hellebuyck, the goalie for the U.S. During the gold-medal game. The medal is the joint-highest civilian honour in the U.S.

There have been a number of "U-S-A" chants so far — and now we have the first mention of Canada during Trump's speech.

The president gave a lengthy shout-out to the U.S. Men's Olympic hockey players who are in attendance, who he said beat a "fantastic Canadian team" to win the gold.

"Here with us tonight is a group of winners who just made the entire nation proud," Trump said before the room erupted in applause.

David Michael Lamb

Trump has said for months that he has secured commitments of $18 trillion in investments from countries and companies around the world, and he repeated the claim again tonight. 

In short, no one but Trump knows where the number comes from, or how he arrived at it.

The White House cites $9.7 trillion in investments, but even that number isn’t firm. Some of the pledges are for far in the future. Others, such as $600 billion of spending agreed to by the EU, does not legally bind European countries to carry through with it.

The numbers also bear no relation to the current reality. Total private investment in the United States was most recently running at a $5.4 trillion annual pace. In 2024, the last year for which figures are available, total foreign direct investment in the United States amounted to $151 billion.

So, if Trump's figure is accurate, it would represent a level of investment many times higher than the U.S., or any country, has ever experienced.

David Michael Lamb

In the first few minutes of the speech, Trump said "inflation is plummeting," and that inflation was worse under his predecessor Joe Biden than at any point in history.

This is false. 

In 1980, inflation was 14 per cent, nearly double what it was in 2022 (when it was eight per cent).

The overall inflation rate has fallen slightly since Trump was elected and, as of January, it sat at 2.3 per cent, higher than the two per cent target set by the Federal Reserve. That means prices are still rising.

Food costs are rising at an even faster 2.9 per cent. Electricity is up 6.3 per cent and natural gas is up 9.8 per cent. The shelter index is also up three per cent, meaning housing continues to get more expensive.

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