Trump praises high tariffs as “the most beautiful word in the dictionary”
Trump Advocates for Tariffs to Encourage Companies to Produce in the USA
President Donald Trump recently spoke to Bloomberg News Editor-in-Chief John Micklethwait at the Economic Club of Chicago, where he emphasized his support for economic growth and bringing companies back to the United States. Trump announced plans to further reduce taxes for companies that choose to produce goods in the USA and expressed his intention to protect these companies with strong tariffs.
In the interview, Trump declared his fondness for tariffs, calling it his favorite word in the dictionary. He believes that tariffs can incentivize companies to build factories in the US, as the higher the tariff, the more likely a company will choose to establish a manufacturing facility in the country. Trump argued that by doing so, companies can avoid paying the tariff altogether and reap the benefits of producing domestically.
Furthermore, Trump highlighted the importance of the US dollar’s status as the world’s reserve currency. He stated that he would impose tariffs on countries that stop using the US dollar as their reserve currency, emphasizing the need to maintain the dollar’s dominance in the global economy.
When questioned about the possibility of dismissing Federal Reserve Chairman Jerome Powell, Trump made light of the Fed chairman’s role, joking that it was the best job in government since one only had to come into the office once a month and “flip a coin.” Trump expressed his belief that the US president should have a say in the Fed’s decision-making process and should be able to communicate with the Fed chairman.
Overall, Trump’s stance on tariffs and economic policy reflects his commitment to boosting domestic production and protecting American businesses. With ongoing discussions about trade and economic measures, the future of US economic policy remains a topic of interest and debate.
