Donald Trump on Tuesday defended his pledge to impose stiff tariffs on imports, dismissing some economists’ concerns that his vision would plunge the nation into a trade war with China, threaten millions of American jobs, force consumers to pay more and worsen inflation.
During an appearance at the Economic Club of Chicago, Mr. Trump shrugged off studies that found his tax and spending plan would add billions to the national debt and that the revenue raised through his proposed tariffs would be a drop in the bucket by comparison — not coming close to covering the costs of his policy plans or offsetting annual federal deficits.
“It must be hard for you to spend 25 years about tariffs as negative and then have somebody explain to you that you are totally wrong,” Mr. Trump said after the moderator, John Micklethwait, editor-in-chief of Bloomberg News, challenged his tariff plan.
“You have been wrong all your life on this stuff,” Mr. Trump said later.
Mr. Micklethwait cited studies from bipartisan groups that showed Mr. Trump’s strategy would add $7.5 trillion to the nation’s debt — far more than Vice President Kamala Harris’ plan — and that his tariffs would raise $200 billion.
Other studies have shown Mr. Trump’s plan to raise tariffs, launch deportation of what he says are 21 million illegal immigrants, and increase the president’s influence over the Federal Reserve would trigger an inflation spike.
The former president underscored that tariffs during his first term brought in billions of dollars with no inflation.
He reiterated his belief that “tariff” is the “world’s most beautiful word in the dictionary” and said his plan would bring “thousands of companies” into the U.S.
“The higher the tariff, the more likely it is that the company will come into the United States and build a factory in the United States — so it doesn’t have to pay the tariffs,” he said.
Mr. Trump said American consumers would be the “biggest beneficiaries” of his tariffs and dismissed the idea that the tariffs amount to a national sales tax on Americans.
For businesses that move here and hire American workers, Mr. Trump has vowed to provide them with a lower corporate tax rate.
It’s the latest reminder of how Mr. Trump has challenged traditional GOP orthodoxy on the issue of trade. This move has helped him win over blue-collar voters, including rank-and-file union members in the swing states of Michigan and Pennsylvania.
According to polls, Mr. Trump is far more trusted on the economy than Ms. Harris.
• Seth McLaughlin can be reached at smclaughlin@washingtontimes.com.