Trump vs. John Micklethwait: Tariff Debate Erupts At Economic Club of Chicago| Video

Former President Trump clashed with Bloomberg News’ editor-in-chief John Micklethwait on Tuesday at the Economic Club of Chicago over tariffs and trade policy. Regarding Trump's proposal to apply a uniform tariff on imports—which he claims will strengthen the American economy—Micklethwait pressed him.

MUST-WATCH — HIGHLIGHTS: “Your policies will mean $7.5 TRILLION in debt… your tariffs —> trade war… could mean the dollar is no longer the reserve currency…”

Trump has no answers, lashes out at the interviewer at the Economic Club of Chicago.

Required vieiwing👇🏽 pic.twitter.com/iZz4LfoNs2

— The Tennessee Holler (@TheTNHoller) October 15, 2024

Trump said, "It's going to have a massive effect—positive effect," in defense of the tariffs. It will have a favorable outcome. He brushed off Micklethwait's worries about possible harm to the American economy, maintaining that his strategy would increase homegrown manufacturing.But Micklethwait questioned Trump, pointing out that the previous president's proposals would damage 40 million trade-related jobs in the United States, stop commerce with China, and impose a minimum of a 10% tax on European countries. He said, “That is going to have a serious effect on the overall economy.”Trump responded by challenging the editor’s perspective, saying, “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.”Micklethwait made the observation that Trump's planned tariffs may have the same effect as a national sales tax and might affect $3 trillion in imports. He predicted that businesses will probably charge customers for these expenses. “That is just simple mathematics, President Trump,” he noted.Trump countered by questioning Micklethwait’s calculations, stating, “It is, but not the way you figured. I was always very good at mathematics.” Trump argued that higher tariffs could incentivize foreign companies to establish factories in the U.S.Micklethwait also raised concerns over the potential foreign policy risks of Trump’s tariffs, emphasizing that such measures could alienate U.S. allies. “How does it help you take on China turning all of your allies against you?” he asked.Trump dismissed these concerns, responding, “Tremendously, because China thinks we’re a stupid country. They can’t believe somebody finally got wise to them.”Throughout the discussion, Trump insisted that tariffs would aid in reducing the deficit and that they may slash prices in industries other than manufacturing, such as child care. However, economists contend that tariffs would probably increase consumer costs and perhaps worsen inflation. Experts also refute Trump's claim that the national deficit could be considerably decreased by tariffs alone.