WASHINGTON ― Retirees in a good mood about their portfolios based on Donald Trump’s latest stock market boasts should probably avoid looking at their actual statements.

The president’s tariff wars with much of the world have translated into basically flat growth in stock index fund-based retirement accounts over the past two years.

“It’s pretty much all about the trade war,” said Nariman Behravesh, chief economist at IHS Markit. “Escalating tensions lead to a falling market and vice versa. The level of trade policy uncertainty has surged since the beginning of 2018.”

Despite the president’s claims of “record territory” numbers for the S&P 500 index, it increased just 150 points between January 2018, when Trump’s much-touted tax cuts started taking effect, and the closing bell on Friday ― an annual growth rate of just 2.9%, or barely ahead of inflation, according to a HuffPost analysis.

“It’s basically gone sideways for the past two years,” said Mark Zandi, chief economist at Moody’s Analytics. “The trade war has done significant economic damage.”

“He better hope people don’t look at their 401(k)s, because they haven’t made any money in two years,” said Rick Tyler, a Republican consultant and longtime Trump critic. “They’ve been doing pitifully.”

As is frequently the case with Trump, though, the reality of a situation does not appear to factor heavily into his statements.

“I guess we’re in record territory for stock,” Trump said Monday at Joint Base Andrews in Maryland before climbing aboard Air Force One. “That’s great for 401(k)s. That’s great for everything.”

“It was just announced as I was getting off the plane that the S&P has hit an all-time high, the highest in the history of our country, and that’s not for rich people, that’s for everybody,” Trump said a short time later at a speech in Chicago, where he asked audience members who had a 401(k) retirement account that had increased to raise their hands. “They are up 70%, 80%.”

In fact, the S&P 500 ― an index that tracks the 500 largest publicly traded companies in the country ― has increased only 40% since Trump’s election, the benchmark he and his supporters like to cite.

The vast majority of that increase took place between Election Day and September 2018, when Trump’s trade war started hurting farmers and manufacturers more acutely. Between then and last week, the S&P 500 did not show a net gain of even 100 points.

The White House did not respond to HuffPost queries regarding Trump’s false claims about the stock market.