A few days before his scheduled debate with President Joe Biden in June, Donald Trump granted an interview to Bloomberg Businessweek. In the conversation, the former president expressed his opinions on various topics, including green energy, Diet Coke, foreign policy, and his tax plan. Trump even suggested JPMorgan Chase CEO Jamie Dimon as a potential Treasury Secretary.
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Here are three significant takeaways from Trump’s interview.
Trump’s Ongoing Feud with Green Energy
Donald Trump continues to voice his opposition to clean energy, particularly wind energy and windmills. “We have more of the real energy, the energy that works,” Trump told Bloomberg. “Wind does not work.” He has promised to dismantle offshore wind projects on his first day if re-elected and has previously made unsubstantiated claims about windmills causing cancer and being excessively expensive. According to the Energy Information Administration, wind and solar energy projects received 94% of the $15.6 billion distributed through federal renewable electricity-related subsidies in 2022.
In 2023, the cost of generating a megawatt-hour from offshore wind in the U.S. was $143, compared to $48 for onshore wind. A megawatt-hour from solar cost $59, which is lower than the $101 for coal but higher than the $45 cost for natural gas.
Trump also expressed his acceptance of electric vehicles, praising Tesla’s Elon Musk, who recently endorsed him. However, Trump has previously criticized electric vehicles, claiming they would harm the U.S. auto industry.
Trump’s Plan to Lower Corporate Tax Rates
A key part of Trump’s economic strategy, often referred to as “Trumponomics,” is to encourage corporations to grow and expand in the U.S. He has pledged to lower corporate tax rates, aiming for a 20% rate, though he mentioned a preference for a 15% rate. The Tax Cuts and Jobs Act (TCJA) of 2017 already reduced the federal corporate tax rate from 35% to 21%.
According to the Institute on Taxation and Economic Policy, at least 87 companies paid effective tax rates in the single digits or less between 2018 and 2022, with 55 of those firms, including Netflix and Salesforce, paying less than 5%. Trump has promised to make these tax cuts permanent, renew tax cuts for individuals and small businesses, and reduce business regulations if he wins a second term.
Trump’s Foreign Policy Stance on Taiwan
In his interview, Trump discussed his foreign policy views, highlighting his relationships with leaders from Russia, China, and Saudi Arabia. On the topic of Taiwan, Trump suggested that the U.S. should receive compensation for defending the island nation, likening it to an insurance company. “Taiwan should pay us for defense. You know, we’re no different than an insurance company. Taiwan doesn’t give us anything,” Trump stated.
Trump’s running mate, Senator J.D. Vance, has described China as the “biggest threat” to the U.S. and has criticized the country’s semiconductor industry dominance. Taiwan accounts for 92% of the global semiconductor manufacturing capacity, largely due to Taiwan Semiconductor Manufacturing Company (TSMC). Following Trump’s remarks, TSMC’s stock dropped by more than 5%.
Trump also criticized the Biden administration for allocating federal funds to foreign chipmakers through the CHIPS and Science Act, while praising U.S. companies like Nvidia and Apple that rely on TSMC.