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Micklethwait then suggested that Trump’s views on tariffs were hard to reconcile with decades of economic consensus, to which Trump quipped, “I know how committed you are to this and 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.” The room broke into applause as Trump hammered home his point, signaling that his message was resonating with the audience.
Trump pointed to a specific example involving John Deere, a major U.S. manufacturer of agricultural equipment. According to The Gazette, Deere had been moving production to Mexico, a move that Trump threatened to counter with a 200 percent tariff on any equipment produced there and sold back into the United States. “They just announced yesterday, they’re probably not going to build the plants. I kept the jobs here,” Trump declared, receiving another round of cheers from the crowd.
Micklethwait acknowledged that Trump’s threats had worked, confirming, “You threatened tariffs, and [Deere] stopped.” Trump’s economic maneuvering seemed to have had the desired effect, halting Deere’s plans to shift production south of the border, much to the former president’s satisfaction.
During the interview, Micklethwait also brought up the stance of The Wall Street Journal, which he claimed aligns with his view that tariffs hurt the economy. Trump was quick to dismiss the publication’s opinion, responding bluntly, “What does The Wall Street Journal know? …They’ve been wrong about everything. So have you, by the way … You’ve been wrong all your life on this stuff.” The crowd erupted in cheers once again, highlighting Trump’s dominance in the discussion.
Throughout his first term, Trump advocated for what he called “reciprocal trade,” emphasizing that countries that impose tariffs or unfair trade practices on U.S. products should face similar restrictions on their goods entering the U.S. His administration brokered key trade agreements, such as the USMCA, which replaced NAFTA and aimed to rebalance trade relationships with Canada and Mexico.
Meanwhile, Commerce Secretary and Kamala Harris surrogate Gina Raimondo voiced concerns on CNBC’s “Squawk Box” last month about Trump’s tariff strategy, warning that it would “raise prices on everything for everyone” and stoke inflation. But Trump dismissed this argument by pointing to his record during his first term, when he imposed tariffs on Chinese goods in 2018, yet inflation remained low—2.4 percent that year, dipping to 1.8 percent in 2019, and 1.2 percent in 2020.
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Despite the concerns of many economists, Trump’s tariffs appear to have had the intended effect of pressuring China to absorb the costs rather than passing them on to U.S. consumers. Some reports suggest that China even shifted portions of its manufacturing to other countries with more favorable trade terms with the U.S., further validating Trump’s approach.
As the crowd at the Economic Club of Chicago showed, Trump’s economic policies, particularly his tough stance on tariffs, continue to resonate with his base. The fiery exchange between Trump and Micklethwait only solidified the former president’s reputation as a fierce defender of American jobs and industries, willing to stand up to critics and hold his ground, regardless of who sits across the table.
