Trump Fox Business News Interview Notes 4.12.17

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I don’t like the term border adjustment, I like a matching tax or a mirror tax

“I haven’t really wanted to talk about it. I have my own feelings. I don’t like the word adjustment, because our country gets taken advantage of, to use a nice term, by every other country in the world. So when I hear border adjustment, adjustment means we lose. We lose. So I don’t like the term border adjustment…Weak. Let’s call it an import tax. Let’s call it a reciprocal tax. You know, we have…We have countries, Maria, that charge us — our companies — 100 percent tax if they sell a motorcycle or if they sell — they make it in America, they make it in the United States, they sell it various countries. They sell very low, because the tax is 100 percent in some countries. The tax is 50 percent, 30 percent, 40 percent. But if they make a motorcycle and they sell it back into the United States, they have no tax. And do you think that’s fair? And do you think that’s smart? So I love the idea of reciprocal. You can call it a reciprocal or a matching tax or a mirror tax. There are numerous terms.”

Nobody gets angry at a reciprocal tax, but they go crazy about a border adjustment

“when you say reciprocal, nobody fights you. When you say I’m going to charge a 10 percent or a 20 percent border tax, everyone goes crazy, because they like free trade. Well, they don’t say that the other countries are charging you much more than that. But when you say a reciprocal tax — and I’m not saying that’s what I’m doing, but there has to be a certain reciprocal nature to it. But when you say reciprocal tax, nobody can get angry. Even the other countries, if like — if they’re charging you a 50 percent tax, you say, OK, whatever you charge, we’re charging.”

Got to cut both individual and corporate taxes but probably corporate more important?

“Both. I almost think individual from my standpoint, because, you know, the middle class has just been taken advantage of in this country for so many years. But in terms of jobs, I mean I think both, but I think probably corporate. But they kind of both go hand in hand. It’s not going to matter.”

Trump WSJ Excerpt

I like Yellen

“No, not toast. You know, I like her, I respect her. She’s been here, she’s been in that seat. I do like the low interest rate policy, but I must be honest with you, I think our dollar is getting too strong, and partially that’s my fault because people have confidence in me. But, you know, that’s hurting — that will hurt ultimately. Look there are some very good things about a strong dollar, but usually speaking the best thing about it is that it sounds good. You know, it’s very, very hard to compete when you have a strong dollar and the other guy — other countries are devaluing the currency. It’s very hard for our manufacturers to compete.”