Former President Donald Trump got into a heated exchange with Bloomberg editor-in-chief John Micklethwait on Tuesday while talking about tariffs — telling the reporter he’s been “wrong” his whole life.
Micklethwait repeatedly asked Trump at The Economic Club of Chicago how he would impose higher tariffs on foreign companies without causing an economic blow to the American consumer in return – as the current US economy is tied to China and the EU.
“The overall impact could be huge,” the editor said, adding that Trump was prepared to push the US into a “trade war”.
Trump responded about his proposed policy: “It’s going to have a massive impact – positive impact. This is going to have a positive impact.
The former president taunted, “It would be hard for you to spend 25 years touting tariffs as a negative and then have someone convince you that you’re completely wrong.”
A heated exchange continued between the two throughout the interview.
Micklethwait pressed Trump on what he thought about critics who claim that imposing such large tariffs would pass the cost back onto consumers who want to buy foreign goods.
“Critics say your tariffs will end up being like a national sales tax,” Micklethwait said. “Currently the US has $3 trillion worth of imports. You’re going to add tariffs to each one of them. This will increase costs for all those who want to buy foreign goods.
“Isn’t it simple math, President Trump?” the interviewer asked.
Trump shot back, “Yes, it is, but not in the way you think. I was always very good at math.”
The former president claimed that under his policies, heavy tariffs on foreign businesses would force them to set up shop in the US.
“You know, there’s another theory,” Trump said. “You make the tariffs so high, so terrible, so obnoxious that they will come immediately.”
“The higher the tariffs, the more likely it is that the company will come to the United States and build a factory in the United States so it doesn’t have to pay the tariffs.”
The Bloomberg editor also pointed to some of Trump’s promises – such as making car-loan interest tax-deductible – that contribute to the national debt.
Micklethwait said other publications have also criticized Trump for “taking on enormous debt” due to his policies of not taxing tips, Social Security, and overtime.
“They’ve been wrong about everything. So you’re, by the way, wrong,'” Trump told Micklethwait.
The editor-in-chief denied that Trump was trying to turn the conversation into a “debate.”
Trump argued after saying his policies would bring “growth,” adding, “But you’re wrong, you’re wrong.” “You’ve been wrong about this thing your whole life.”
Both Trump and Democratic presidential rival Vice President Kamala Harris have promised voters that their administrations will give them tax breaks or subsidies to boost their economic situation.
Harris has said she would expand the child tax credit, give new homeowners $25,000 for their down payment, impose no tax on tips and increase the tax deduction for new small businesses from $5,000 to $50,000.
The former President has said that he will raise tariffs for foreign companies and will also provide incentives to companies that move their operations to the US to promote domestic manufacturing.
45th President, Speaking in Georgia in September, 15% corporate tax rates, fewer regulations, low-cost energy and access to both federal lands and port infrastructure were promised, but only if the companies hired American workers and moved to America.
He has threatened to impose a 100% tariff on every car coming across the Mexican border and has directly told machinery company John Deere that if it moves abroad, he will impose a 200% tariff on its products.
Trump has said that if he is elected, foreign countries will be worried about losing their companies to America.
“American workers will no longer have to worry about losing their jobs to foreign countries. “Instead, foreign countries will have to worry about losing jobs to America,” Trump said in his Savannah remarks.
(TagstoTranslate)Politics(T)US News(T)2024 Presidential Election(T)Bloomberg(T)Donald Trump(T)Tariffs
