‘The most beautiful word in the dictionary’: Trump touts tariffs at Chicago forum
Former President Donald Trump touted the controversial power of tariffs before a receptive Economic Club of Chicago audience downtown Tuesday.
The event, hosted by Bloomberg News and the ECC, focused heavily on financial policies.
But with the election just weeks away, the Republican nominee for president also directed multiple ripostes at Democratic rival Vice President Kamala Harris while doubling down on some familiar themes.
Bloomberg Editor-in-Chief John Micklethwait, who interviewed Trump, cited a Committee for a Responsible Federal Budget report finding his tax and spending plans could increase the national debt by $7.5 trillion.
“We’re going to bring the companies back,” Trump responded. “We’re going to lower taxes still further for companies that are going to make their products in the USA.
“We’re going to protect those companies with strong tariffs. To me, the most beautiful word in the dictionary is tariffs,” he said to applause.
Micklethwait countered that Trump could be plunging America into a huge trade war.
“Forty million jobs rely on trade; it counts for 27% of GDP,” Micklethwait said, adding that the U.S. imports about $3 trillion worth of goods.
“You’re going to add tariffs to every single one of them and it’s going to push up the cost for all of these people to buy those foreign goods,” he told Trump.
“I agree, it’s going to have a massive effect … it’s going to be a positive not negative effect,” Trump said.
“The higher the tariff, the more likely it is that the company will come into the United States and build a factory in the United States so that it doesn’t have to pay the tariffs,” he added.
Richard Porter, a Winnetka resident and former Illinois Republican national committeeman, said Trump’s performance was “a tour de force.”
“It’s the threat of the tariff that can help you with trade negotiations and make things more fair,” Porter said.
Micklethwait pressed Trump on whether he had spoken with Russian President Vladimir Putin since leaving office. The Logan Act prohibits private citizens from communicating with foreign governments to influence them.
“I don’t comment on that but I will tell you that, if I did, it’s a smart thing,” Trump said. “If I’m friendly with people, if I can have a relationship with people that’s a good thing, not a bad thing in terms of a country.”
Micklethwait also referenced the Jan. 6, 2021, riot at the Capitol, and asked if Trump would commit to a peaceful transfer of power in the November election.
“You had a peaceful transfer of power,” Trump replied.
About 140 police officers were assaulted during the insurrection, the U.S. Department of Justice has reported.
Trump wrapped up by telling the audience of Economic Club members and guests that “this is the party of common sense.”
Former Bolingbrook Mayor Roger Claar gave Trump high marks.
“I thought he was on point the entire time,” Claar said. “And, certainly the audience was very responsive and positive. This room, I’m sure, was not 100% Trump fans coming in here. I’m sure it was mixed but he hit all the right buttons on all the major issues.”
Illinois Republican Party Chair Kathy Salvi of Mundelein said, “I expect in the next four years we’re going to turn America around, we’re going to bring our inflation levels down, bring the cost of living down, and bring relief to our families and businesses in Illinois.”
Meanwhile, Democratic Gov. JB Pritzker contended in a statement that “Donald Trump’s proposed economic policies would increase costs, deepen the deficit, and kill jobs yet Trump continues to double down on them. Why? Because Trump doesn’t care about American workers or American jobs, he only cares about himself and his wealthiest donors.”
But Rosemont Mayor and state Rep. Brad Stephens said the Trump administration “did well for our police and fire pensions. We put some money into the market and we were over 100% funded when he left office.”
Asked about Jan. 6, “let’s get over that — the power was transferred — whatever side of that issue you’re on, it is what it is. It’s done,” Stephens said.
Economic Club officials said they have invited Harris to a similar interview but she so far has declined.