Reports from the US Bureau of Labor Statistics or Federal Reserve

Trump Advocates 50% Tariffs in Fiery Interview with Bloomberg's Micklethwait at Chicago Economic Club

Oct 15, 2024, 06:23 PM

Former President Donald Trump returned to Chicago on Tuesday to speak at an event hosted by Bloomberg News and The Economic Club of Chicago. In a 60-minute interview with Bloomberg News Editor-in-Chief John Micklethwait, Trump outlined his economic agenda, emphasizing his strong belief in high tariffs on foreign imports to encourage domestic manufacturing. He advocated for tariffs as high as 50%, stating, 'The higher the tariff, the more likely it is that the company will come into the United States and build a factory in the United States so it doesn’t have to pay the tariff.' Despite concerns about potential inflation and increased consumer prices, Trump dismissed these worries and defended his tariff policy as beneficial for economic growth, saying it would have a 'massive positive effect'. He also asserted his right to discuss interest rate decisions with the Federal Reserve Chair and criticized the Federal Reserve for its handling of monetary policy, suggesting that Jerome Powell has 'among the easiest jobs in Washington'. Throughout the occasionally tense interview, Trump labeled Bloomberg as 'fake news' to Micklethwait's face. The audience responded enthusiastically to Trump's remarks, often cheering and laughing, and concluded the event with a standing ovation.