Latest News: Trump defends plan to place steep tariffs on companies that don’t produce domestic goods… See More

Former President Donald Trump on Tuesday defended his plan to implement steep tariffs on companies that don’t produce their goods domestically during an interview with Bloomberg at the Chicago Economic Club.

“Number one, it’s for the protection that we have here and the new companies that will move in because we’re going to have thousand of companies moving into this country,” Trump said.

The former president has said that if reelected, he would add tariffs of up to 20% on every foreign import coming into the US, as well as another tariff upward of 60% on all Chinese imports. He also said he would impose a “100% tariff” on countries that shift away from using the US dollar.

However, some economists fear higher tariffs could raise prices, hurt the economy and set off an international trade war.

Bloomberg News editor in chief John Micklethwait pointed out that significant tariffs “is going to have a serious effect on the overall economy.”

“I agree it’s going to have a massive effect. Positive effect. It’s going to be a positive, not a negative. Let me just tell you, no no, 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,” Trump said.

Trump again called the US a “developing nation” and said, “take a look at Detroit.” Trump made similar comments last week during a speech he gave at the Detroit Economic Club.

Megadonor gave $95 million to pro-Trump super PAC in third quarter, filing says

Conservative megadonor Miriam Adelson gave $95 million to a leading pro-Trump super PAC during the third quarter of this year, according to new Federal Election Commission filings.

Preserve America, the super PAC, received virtually all of its $95 million in third-quarter funding from Adelson, the widow of the late casino mogul Sheldon Adelson, the filing said. The group has taken on a key role, spending tens of millions to support former President Donald Trump’s reelection campaign.

Both Miriam and Sheldon Adelson are among the largest givers to Republican candidates and causes over the last decade. Miriam Adelson was awarded the Presidential Medal of Freedom, the nation’s highest civilian honor, by Trump in 2018 and has now given Preserve America $100 million total this year, according to the filing.

The super PAC’s report also showed that it spent nearly all that it raised in the third quarter, dropping nearly $92 million on independent expenditures, mostly TV and digital advertising campaigns, supporting Trump’s third White House bid.

It reported just $7.4 million in cash on hand at the end of September — a shrunken war chest that could limit the group’s ability to place last-minute ad buys in an already inundated presidential race unless Adelson makes additional contributions in October.

Trump Media stock mysteriously plunges after previously doubling value ahead of election

Former President Donald Trump’s social media company suffered a sudden nosedive in the stock market Tuesday that briefly halted trading and left traders scratching their heads.

Truth Social owner Trump Media & Technology Group was trading sharply higher during a volatile session at about $31 per share when it swiftly collapsed below $29 shortly after 2:40 p.m. ET on heavy trading volume.

Matthew Tuttle, CEO of Tuttle Capital Management, told CNN he suspects the selloff was caused by technical factors. He said that when Trump Media’s share price failed to break through its 200-day moving average, a closely-watched technical level, traders “flipped” to bet against it.

Up until Tuesday afternoon, Trump Media had been on fire.

The stock had more than doubled its value in the span of three weeks, a stunning move driven by polling and betting odds that suggest the race for the White House could go either way.