Tariffs are my favourite word: Trump pushes economic plan in Chicago

He argued that imposing high tariffs on foreign goods would generate significant revenue, protect US businesses from overseas competition, and encourage foreign companies to set up factories in the US.

Mainstream economists often criticise tariffs, warning that they can lead to higher prices for American consumers and fuel inflation. (AP photo)

Former President Donald Trump emphasised his support for tariffs during an appearance at the Economic Club of Chicago on Tuesday, promoting them as a key part of his economic plan. He argued that imposing high tariffs on foreign goods would generate significant revenue, protect US businesses from overseas competition, and encourage foreign companies to set up factories in the US.

“To me, the most beautiful word in the dictionary is ‘tariff.’ It’s my favourite word. It needs a public relations firm,” Trump told the audience, which responded with laughter and applause.

Mainstream economists often criticise tariffs, warning that they can lead to higher prices for American consumers and fuel inflation. However, Trump rejected these claims, insisting that tariffs are paid by foreign countries and not by Americans. He told the audience that economists have been wrong about tariffs for years.

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Throughout the interview, moderated by Bloomberg’s editor-in-chief John Micklethwait, Trump frequently shifted topics. When asked about breaking up tech companies like Google, Trump instead talked about voter fraud and repeated grievances about how he was treated unfairly by some world leaders, including French President Emmanuel Macron.

In his economic plan, Trump has proposed a 60% tariff on Chinese goods and additional tariffs on other imports. He believes this approach would strengthen US industry and force foreign countries to negotiate more favourable trade deals.

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While Micklethwait attempted to focus the discussion on economic issues, Trump repeatedly returned to familiar themes, such as immigration, voter fraud, and transgender athletes. Despite the broad range of topics, the audience remained supportive, laughing and applauding throughout the event.

(With inputs from Reuters)

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