Former President Donald Trump took center stage at the Economic Club of Chicago on Tuesday, offering his take on a range of issues that could be key to winning the 2024 presidential election. The interview, conducted by Bloomberg Editor-in-Chief John Micklethwait, was at times tense, particularly regarding Trump’s stance on tariffs.
Trump’s comments on the economy centered on his belief that his policies would lead to renewed growth in the United States. He stated that his goal is to bring companies back to the country, highlighting a key theme of his potential campaign.
The interview sparked volatility in shares of Trump Media & Technology Group (DJT), with the stock experiencing a sharp decline following Trump’s remarks. This fluctuation likely stemmed from investors’ reactions to his pronouncements, highlighting the close connection between the company’s stock performance and Trump’s political moves.
One of the most contentious topics was Trump’s unwavering support for tariffs, even in the face of potential negative impacts on American jobs. He argued that increasing tariffs on foreign goods would ultimately protect American businesses and encourage companies to move their operations to the U.S. to avoid tariffs. Specifically, Trump proposed a 60% tariff on imports from China and a 10% tariff on goods from other countries.
Trump also expressed his opposition to the potential sale of United States Steel Corporation (X) to Nippon Steel Corp, highlighting his concern about national security and the importance of certain industries to the U.S. economy.
When asked about the Federal Reserve and its chairman, Jerome Powell, Trump suggested that he would seek more input on interest rate decisions, regardless of who led the Federal Reserve if he were re-elected. While he did not explicitly state he would remove Powell, he did jokingly remark on the perceived ease of the Federal Reserve chairman’s job.
The interview also touched upon the growing debate over the potential breakup of tech giants like Alphabet Inc, Google’s parent company. While Trump wouldn’t commit to breaking up Google if he returned to the White House, he indicated a desire for more fairness in how the company operates, citing his own experiences with Google’s search algorithms.
Trump’s comments on his relationship with Russian President Vladimir Putin sparked further scrutiny. He refused to disclose if they had remained in contact since leaving office, despite a recent book by Bob Woodward alleging continued communication. Trump, however, emphasized the positive nature of his relationship with Putin, suggesting it was beneficial during his presidency.
Looking ahead to the 2024 election, Trump expressed unwavering confidence in his victory. He highlighted his strong performance in early voting and identified Pennsylvania and Michigan as key swing states to watch. His remarks underscore his commitment to a rematch with the current administration.
The recent volatility in Trump Media & Technology Group’s stock, linked to election events and legal proceedings involving Trump, continues to demonstrate the stock’s sensitivity to his political actions. Investors are closely watching the company’s future trajectory, which is intrinsically tied to Trump’s political prospects.