Trump Uses Interview on Economics to Promote Tariffs and Riff On…
Donald Trump, during an event with the Economic Club of Chicago, took the opportunity to reiterate his stance on tariffs, suggesting they could serve as an economic remedy. He claimed that imposing significant tariffs on foreign goods would not only generate substantial revenue for the government but also shield U.S. companies from international competition and incentivize foreign firms to establish operations in America.
In his address, Trump emphasized that tariffs are often misunderstood. “To me,” he remarked, “the most beautiful word in the dictionary is tariff. It’s my favorite word. It needs a public relations firm.”
Despite Trump’s enthusiasm, mainstream economists argue that tariffs effectively act as a tax on American consumers. They contend that such measures would lead to decreased economic efficiency and heightened inflation within the U.S.
The conversation, moderated by John Micklethwait, editor-in-chief of Bloomberg News, frequently veered off course as Trump diverted topics. When questioned about potential antitrust actions against Google, he shifted to discussing voter fraud in Virginia and his grievances regarding the tech giant.
Trump continually redirected the discourse back to familiar themes: immigration, voter fraud, and transgender athletes, even adopting a faux foreign accent to recount his interactions with French President Emmanuel Macron and former German Chancellor Angela Merkel.
If elected for a second term, Trump pledged to leverage the threat of tariffs to negotiate concessions with foreign leaders. He has proposed a staggering 60% tariff on Chinese goods and a maximum of 20% on all other imports to the U.S. Additionally, he has indicated that even higher tariffs may be imposed on Mexican businesses and American companies contemplating relocation abroad.
He acknowledged that he and the moderator held notably different views on economic policies and trade. In a congenial environment filled with supportive attendees, Trump relished contrasting his opinions with Micklethwait’s, who at times pushed back against Trump’s assertions. While the crowd was more subdued than his typical rally audiences, they remained appreciative, responding with laughter and applause to his remarks.
The interview’s tone occasionally grew tense, particularly when Micklethwait pointed out that Trump’s tariffs could lead to increased costs for consumers and that his proposed tax breaks might exacerbate the deficit due to excessive fiscal giveaways. Trump, however, countered with familiar anecdotes, maintaining that tariffs would be paid by foreign entities rather than American consumers.
In a moment of levity, he turned to Micklethwait and quipped, “It must be hard for you to spend 25 years talking about tariffs as being negative and then have somebody explain to you that you’re totally wrong,” prompting laughter from the audience.
Trump reiterated his unfounded claims regarding the peaceful transfer of power following the 2020 election, despite the fact that his supporters stormed the U.S. Capitol on January 6, 2021, in an attempt to disrupt the Electoral College vote count.
Identifying the Republican Party as the faction of “common sense,” Trump stated, “We need borders. We need fair elections. We don’t want men playing in women’s sports. We don’t want transgender operations without parental consent.” He further claimed that the Biden administration had purposefully permitted dangerous foreign criminals to enter the U.S.
With a reputation for avoiding challenging interviews, Trump has often engaged with conservative commentators instead of mainstream journalists. During this discussion, he admonished Micklethwait for what he perceived as a lack of focus: “You’ve got to be able to finish a thought,” he expressed, as Micklethwait attempted to redirect the conversation back to previous topics.
At one point, Micklethwait noted the disjointed nature of the dialogue, remarking on how Trump had jumped from discussing the dollar to Macron in quick succession. Trump defended his approach, referring to it as the “weave,” a term he has coined to describe his conversational style.
Feedback from Trump’s supporters suggested a positive reception to the interview. Stephen Miller, a former aide and current adviser to Trump, praised the discussion on social media, calling it “the greatest live interview any political leader or politician has done on the economy in our lifetimes. Period.”
