During an economic forum in Chicago on Tuesday, the editor-in-chief of Bloomberg News and former President Trump reportedly engaged in a heated argument regarding the GOP nominee’s assertion that tariffs would not have adverse effects during a potential second term.
At the Economic Club of Chicago, Bloomberg’s chief editor, John Micklethwait, repeatedly questioned Trump regarding his intentions to implement a universal tariff on imports and his vows to impose tariffs on American companies that outsource their manufacturing.
Micklethwait claimed that Trump’s proposals would essentially halt trade with China, impose a minimum of a 10% tariff on European nations, and have a significant impact on the U.S. economy, which depends on trade for 40 million employment.
“That is going to have a serious effect on the overall economy,” Micklethwait stated.
“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.” Trump said in response.
“That is just simple mathematics, President Trump,” Micklethwait said.
“It is, but not the way you figured. I was always very good at mathematics,” Trump said.
Critics have argued that Trump’s tariff proposals for all imports would be equivalent to a national sales tax, with $3 trillion in imports affected and companies passing on increased costs to consumers. Micklethwait observed this.
Micklethwait then tried to claim that tariffs could potentially have the most severe impact on foreign policy, as they would impose economic penalties on allies.
“How does it help you take on China turning all of your allies against you?” he asked Trump.
“Tremendously because China thinks we’re a stupid country. They can’t believe somebody finally got wise to them.” Trump concluded.
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