Trump Dismisses Concerns About New Tariffs

Former President Donald Trump is dismissing concerns that new tariffs would threaten jobs, lead to a trade war with China, and force American consumers to pay more for certain goods.

Key Details: In an interview Tuesday with Bloomberg editor-in-chief John Micklethwait at the Economic Club of Chicago, Trump defended his plans to impose a universal tariff on imports. Micklethwait noted that some critics believe Trump's tariff proposals would result in a national sales tax, while Trump believes higher tariffs would encourage foreign companies to build their factories in the United States. Vice President Kamala Harris has "so far declined" an interview with Bloomberg News and the Economic Club of Chicago.

Key Quotes: “That is going to have a serious effect on the overall economy,” Micklethwait said. Trump responded, “It’s going to have a massive effect — positive effect. It’s going to be a positive effect... 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.”

For Context: Tariffs were imposed by Congress in 1789, and trade policy has been controversial ever since that time.

How the Media Covered it: The Washington Times (Lean Right bias) noted that the Republican Party has traditionally held to a free-trade policy but that Trump has adopted a more populist approach that appeals to many blue-collar Americans. CNN (Lean Left bias) noted that President Joe Biden and Vice President Kamala Harris kept Trump's tariffs on Chinese goods in place, and noted studies suggesting American consumers have borne most of the cost of these tariffs.