Bill Clinton Says Trump had been Obsessed with Tariffs for Decades

Former U.S. President Bill Clinton recalled that Donald Trump had supported tariffs long before becoming president, saying he had warned Trump that American consumers would ultimately bear much of the cost.

Economists generally regard tariffs as having both potential benefits and costs.

Clinton made the remarks during a campaign rally in Tupelo, Mississippi, for Democratic U.S. Senate candidate Scott Colom. Jing Pan reported on the comments for Moneywise.

"I've known President Trump a long time. We used to have quite a friendly relationship 24 years ago. We'd play golf," Clinton said.

He recalled that Trump had repeatedly proposed imposing tariffs on foreign countries as a way to reduce taxes on Americans.

"Even then, he believed in these tariffs," Clinton said.

"He kept saying, 'We're the biggest, strongest, richest country in the world. Why don't we just put a bunch of tariffs on everybody else and stop paying taxes altogether?'"

Clinton said he had warned Trump that foreign exporters and businesses would not simply absorb the added costs.

"I said, 'Well, because Don, these people don't just eat the tariffs. They just charge the people who buy the stuff, whatever it is. So, we pay the tariffs,'" Clinton recalled.

Asked whether Trump had listened, Clinton said: "Just like now, he didn't hear what he didn't want to hear."

Economists generally regard tariffs as having both potential benefits and costs.

They can protect some domestic industries by making imported products more expensive, but they can also increase costs for businesses and consumers when importers pass the additional expenses along.

A Federal Reserve analysis published in April 2026 estimated that tariffs implemented through November 2025 had raised core goods personal consumption expenditures (PCE) prices by 3.1% through February 2026.

The researchers also estimated that the tariff effects increased overall core PCE prices by 0.8%.