Donald Trump Praises Tariffs as an Economic Miracle

Donald Trump seized an opportunity to bolster his well-known thesis that massive tariffs on foreign goods are an economic magic potion. According to Trump, this measure would generate immense sums for the state treasury, protect US companies from foreign competition, and encourage foreign firms to open plants in the United States. In front of a supportive audience at the Economic Club of Chicago, the Republican presidential candidate made it clear that tariffs are misunderstood as an economic tool. For him, "tariff" is a beautiful word in the dictionary that needs a PR consultant. John Micklethwait, Editor-in-Chief of Bloomberg News, moderated the event and struggled to keep the discussion focused on economic topics. When the question arose about whether the government should break up Google after an antitrust process, Trump shifted the topic to election fraud in Virginia and his perception that Google had treated him unfairly. Trump made it clear that he would use tariffs as leverage to obtain concessions from foreign leaders. He proposes tariffs of 60% on goods from China and up to 20% on all other imports to the US. The former president countered objections to the impact of his tariff policy with well-known anecdotes, arguing that they would be borne by foreign countries and not US consumers. The audience, though not as lively as at his usual rallies, was receptive to Trump, laughing at his anecdotes and applauding. Micklethwait, however, pointed out that Trump's plans could increase deficits by flooding the system with tax breaks. Amused by the alleged ignorance of economists, Trump stuck to his position and commented on a peaceful transfer of power after the 2020 election, despite his supporters storming the Capitol to prevent the formal counting of electoral votes. Despite the challenges Micklethwait faced in guiding the conversation, Trump remained convinced of his rhetoric before his supporters, which he described as "weaving" – a style that resonated with his base.