Former President Donald Trump received a standing ovation at the Economic Club in Chicago. Interviewing Trump, Bloomberg News Editor-in-Chief John Micklethwait, said the invitation for a similar interview was extended to vice president and Democratic presidential nominee Kamala Harris. Harris declined.
Micklethwait said 10% to 20% tariffs will have a “serious” effect on the overall economy. Micklethwait expressed concern about high tariffs subsequently adding costs on the consumer.
“I agree it’s going to have a massive effect. 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 wrong. If you don’t do this [tariffs], this country has no chance,” said Trump.
Micklethwait, debating Trump, said there are 14 million jobs in America that rely on trade. Opponents of tariffs say they can lead to higher prices, reduced trade and retaliation from other countries.
“There’s two ways of looking at a tariff, you can do it as a money-making instrument or you can do it as something to get the companies to come in. If you want the companies to come in, the tariff has to be a lot higher than 10% because 10% is not enough. They’re not going to do it for 10%, but if you make a 50% tariff, they’re going to come in,” said Trump.
Earlier this summer, John Deere said it was laying off more than 600 employees at three production plants in Illinois and Iowa. The company also said, in the summer of 2024, it plans to move some of their manufacturing from the Iowa facility to Mexico by the end of 2026.
Trump, in the interview, explained how during his recent campaign stop in Pennsylvania, he threatened a 200% tariff, and how shortly after that the company announced they would not move production to Mexico.
Separately, Illinois automaker Stellantis continues to delay the reopening of its plant in Belvidere, Illinois. Stellantis announced earlier this year it is investing $6 billion into the Brazil facility between 2025 and 2030.
The crowd at the Economic Club in Chicago ‘booed’ when the interviewer, Micklethwait, compared Trump’s transfer of power to Venezuelan incumbent Nicolás Maduro.
Maduro claimed victory early. According to vote tally sheets collected by the opposition and verified by an independent analysis, presidential candidate Edmundo González received more than twice as many votes as Maduro.
“Will you commit now to respecting and encouraging a peaceful transfer of power?” asked Micklethwait.
“Well, you had a peaceful transfer of power,” Trump said about the 2020 election.
“You had a peaceful transfer of power compared to Venezuela,” said Micklethwait. “But it was by far the worst transfer of power for a long time.”
“Boo,” shouted members of the crowd.
“Thank you. I appreciate that,” Trump said to members of the crowd.
In the United States, the terms of the president and the vice president end at noon on the 20th day of January. Trump left on Jan. 20 2021, in accordance with precedent.
Micklethwait asked Trump if investors are wrong in saying Trump’s economic policies would drive up inflation.
“The ‘Trump Trade’ is very simple: people are betting that your policies will drive up debt and inflation. Are the investors wrong? Micklethwait asked.
“Yeah. I had four years…no inflation. Biden, who has no idea where the hell he is, had two years of no inflation because he inherited it from me. But then they started spending money like drunken sailors on the ‘Green New Scam,’” said Trump.
Gov. J.B. Pritzker was critical of Trump’s appearance in Chicago, saying in a statement, “Every time he opens his mouth, Donald Trump reminds us that he is a racist, misogynist 34-time convicted felon who doesn’t care about anyone but himself.”
