logo
Trump faces backlash for antisemitic term ‘Shylock' in speech

Trump faces backlash for antisemitic term ‘Shylock' in speech

Canada News.Net08-07-2025
WASHINGTON, D.C.: President Donald Trump claimed he was unaware that the term "shylock" is regarded as antisemitic when he used it in a speech to characterize unscrupulous moneylenders.
Speaking to reporters on June 4 after returning from an event in Iowa, Trump stated he had "never heard it that way" and was oblivious to the term being deemed an offensive stereotype about Jews.
The term "Shylock" originates from Shakespeare's "The Merchant of Venice," where it describes a villainous Jewish moneylender who demands a pound of flesh from a debtor.
The Anti-Defamation League, which fights against antisemitism, condemned Trump's usage of the term, saying it "evokes a centuries-old antisemitic trope about Jews and greed that is extremely offensive and dangerous." They labeled the president's choice of words as very troubling and irresponsible.
In contrast, Joe Biden, while serving as vice president, acknowledged in 2014 that his use of the term during remarks to a legal aid group was a "poor choice" of words.
Although Trump's administration has made addressing antisemitism a priority—implementing measures to screen for antisemitic activity when granting immigration benefits and engaging in legal battles with Harvard University over allegations of tolerating antisemitism—the president has a history of perpetuating stereotypes about Jewish individuals.
Notably, in 2015, he remarked to the Republican Jewish Coalition that "you want to control your politicians," insinuating that the audience wielded influence through financial means.
Before launching his 2024 presidential campaign, Trump faced significant backlash for dining with a Holocaust-denying white nationalist at his Florida club.
Last year, he made controversial comments accusing Jewish Americans who identify as Democrats of disloyalty due to the criticisms of Israeli Prime Minister Benjamin Netanyahu from Democratic leaders. Critics argued that this perpetuated antisemitic narratives about divided loyalties among Jews.
In his speech in Iowa on July 3, Trump used the term while referencing his signature legislation that Congress had just passed. He remarked, "No death tax, no estate tax, no going to the banks and borrowing some from, in some cases, a fine banker and in some cases shylocks and bad people."
When questioned later about the term's antisemitic connotations and his intentions, Trump replied, "No, I've never heard it that way. To me, a shylock is somebody that's a money lender at high rates. I've never heard it that way. You view it differently from me. I've never heard that."
The Anti-Defamation League emphasized that Trump's use of the term highlights the persistent lies and conspiracies regarding Jews in the country, stating, "Words from our leaders matter, and we expect more from the President of the United States."
Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Chinese investors snap up stocks on hopes for an end to price wars and overcapacity
Chinese investors snap up stocks on hopes for an end to price wars and overcapacity

Winnipeg Free Press

time3 hours ago

  • Winnipeg Free Press

Chinese investors snap up stocks on hopes for an end to price wars and overcapacity

BEIJING (AP) — China's stock market is buzzing over government promises to tackle price wars that have hurt profits and worsened global trade tensions. The prevailing catchphrase is 'anti-involution,' and it reflects efforts to curb intense competition and overcapacity in industries like solar panels, steel, and electric vehicles. With rising trade barriers such as President Donald Trump's higher tariffs, and relatively weak domestic demand, manufacturers have been slashing prices, undermining their bottom lines and driving some out of business. The producer price index, which measures the price that factories receive for their goods, has fallen steadily for nearly three years in China in a prolonged bout of deflation. The long-running issue spilled over into global markets as low-priced Chinese exports worsen trade friction with key trading partners including the United States and Europe. Solar panel glass makers agree to cut output by 30% In a series of recent statements, the Chinese government and industry associations have signaled they're getting serious about reining in cut-throat competition, known as invollution or 'neijuan' in Chinese. The top 10 makers of glass for solar panels agreed on June 30 to shut kilns and cut production by 30%, an industry association said. The government has launched an auto safety inspection campaign, addressing concerns that automakers were skimping on quality to cut costs. It's unclear whether these efforts will succeed, but the sense that China may finally be tackling this chronic problem was enough to spark a rally in stocks in some of those under-pressure sectors. Shares of Liuzhou Iron & Steel Co. gained 10% on Friday and have risen more than 70% since June 30. Solar panel glass producer Changzhou Almaden Co. fell at the end of last week but is still up about 50%. More broadly, two exchange traded funds in solar panels and steel have risen about 10%, outpacing a 3.2% rise in the Shanghai Composite, China's leading market index. The performance of EV-maker stocks has been mixed, with Li Auto and Nio recording double-digit percentage gains while market leader BYD declined. Foreigners can't buy Chinese stocks directly but they are able to invest in about 2,700 stocks and 250 exchange traded funds through the Hong Kong exchange. Government calls intense price wars 'disorderly' The gains follow high-level government pronouncements against disorderly price wars. On June 29, the People's Daily newspaper, the mouthpiece of the ruling Communist Party, ran a lengthy page 1 article on involution, saying they run counter to the party's goal of high quality economic development. Chinese leader Xi Jinping weighed in at a closed-door economic meeting, calling for better regulating competition and incentives by local governments to attract factory investments that are blamed for overinvestment in affected industries. The tougher talk began with a focus on automakers in late May, specifically around electric vehicle price wars that began more than three years ago. Analysts at investment bank UBS said the shift is good news for auto industry profits and company stocks. 'Though it's difficult to imagine a sudden U-turn of the industry from fierce competition to orderly consolidation, it's indeed possible to have near-term ceasefire of the price war,' they wrote. Weak demand and overcapacity bring a fight for survival After BYD launched another round of price cuts on May 23, some competitors, the main industry association and government all called for fair and sustainable competition. The EV battery industry, the cement association and major construction companies have issued statements echoing calls for an end to excess competition. The term involution, which suggests a spiraling inward and shrinking, was initially applied in China to students and young workers, who felt they were caught up in meaningless competition that led nowhere as the job market weakened and wages stagnated in recent years. At the industry level, it has come to mean sectors that have too many companies competing for a slice of the pie, leading to fierce price cutting to try to gain market share. The mismatch between production capacity — how much an industry can make — and actual demand for the product, reflects overcapacity that forces companies to compete for survival in a limited market space, said a recent article in the Communist Party magazine Qiushi. Obstacles to fixing the problem Some Chinese industries, especially steel and cement, have long suffered from overcapacity. A government push to promote green industries has fostered similar problems in that sector, including solar panels, wind turbines and electric vehicles. A flood of Chinese exports is leading to more trade barriers in Europe and the U.S. and in some emerging markets such as Mexico, Indonesia and India. Monday Mornings The latest local business news and a lookahead to the coming week. Ultimately, economists say industries need to consolidate through company mergers and bankruptcies. But the process will take time. A major obstacle is provincial governments that want to protect local companies and jobs. Alicia García-Herrero, the chief economist for Asia-Pacific at the Natixis investment bank, said that recent comments by top Chinese economic officials suggest they realize something needs to be done. 'How much is action versus words, I don't know,' she said. 'But I do think it's a big problem for China.' ___ Associated Press researcher Yu Bing contributed.

Asian shares are mixed after Wall Street logs a 3rd straight winning week
Asian shares are mixed after Wall Street logs a 3rd straight winning week

Winnipeg Free Press

time3 hours ago

  • Winnipeg Free Press

Asian shares are mixed after Wall Street logs a 3rd straight winning week

BANGKOK (AP) — Asian shares are mixed and U.S. futures have edged higher after U.S. stocks logged their third straight winning week. Markets were closed for a holiday in Japan, where the ruling Liberal Democrats have lost their coalition majorities in both houses of parliament for the first time since 1955 following Sunday's election and the loss of their lower house majority in October. A grim Prime Minister Shigeru Ishiba has vowed to stay on, but the outcome of the upper house election reflects voters' frustration with rising prices and political instability. Analysts said they expect his weakened government to crank up spending, adding to Japan's huge debt burden. Japan is also facing the imposition of 25% tariffs across the board on its exports to the U.S. as talks with the Trump administration appear to have made little headway. 'We expect short-term political instability to intensify due to the difficulties of forming a majority coalition, a likely change in leadership, and a potential deadlock in trade negotiations,' Peter Hoflich of BMI, a part of the Fitch Group, said in a commentary. 'Without a structural reset through snap elections, Japan is likely to face prolonged policy drift throughout 2026,' he said. Chinese shares advanced after the central bank kept its key 1-year and 5-year loan prime interest rates unchanged. Hong Kong's Hang Seng rose 0.3% to 24,895.20, while the Shanghai Composite index gained 0.4% to 3,549.89. Recent stronger economic data have eased pressure on the Chinese leadership to soften credit. Meanwhile, President Donald Trump's administration has softened its criticism of Beijing, raising hopes that the two sides can work out a trade deal and avert the imposition of sharply higher tariffs on imports from China. South Korea's Kospi picked up 0.5% to 3,205.71 after the government reported a slight improvement in exports in June. In Australia, the S&P/ASX 200 shed 1.1% to 8,659.50, while Taiwan's Taiex dropped 0.3%. In India, the Sensex rose 0.2%, while Bangkok's SET was down 0.5%. This week will bring updates on U.S. home sales, jobless claims and manufacturing. Several Big Tech companies including Alphabet and Tesla are due to provide earnings reports. On Friday, the S&P 500 handed back less than 1 point after setting an all-time high the day before. The Dow Jones Industrial Average fell 0.3% and the Nasdaq composite edged up by less than 0.1% to add its own record. Norfolk Southern chugged 2.5% higher after an AP source said it was discussing a merger with Union Pacific to create the largest railroad in North America, one that would connect the East and West coasts. Any such deal, though, would likely face tough scrutiny from U.S. regulators. Union Pacific's stock fell 1.2%. The heaviest weight on the market, meanwhile, was Netflix, which fell 5.1% despite reporting a stronger-than-expected profit. Exxon Mobil sank 3.5% and also tugged on the market. It had been challenging Chevron's $53 billion deal to buy Hess, but an arbitration ruling in Paris about Hess assets off Guyana's coast allowed the buyout to go through. Chevron fell 0.9% after losing an early gain. Monday Mornings The latest local business news and a lookahead to the coming week. Treasury yields eased after a report suggested U.S. consumers may be feeling less fearful about coming inflation. They're bracing for inflation of 4.4% in the year ahead, down from last month's projection of 5%, according to preliminary results from a University of Michigan survey. Prices may already be starting to feel the upward effects of President Donald Trump' s higher tariffs, according to data released last week. The Trump administration is preparing to impose steeper import duties on many countries as of Aug. 1, although some have worked out deals to mitigate some of the damage. In other trading early Monday, U.S. benchmark crude oil gained 14 cents to $66.19 per barrel. Brent crude, the international standard, added 10 cents to $69.38 per barrel. The U.S. dollar rose to 148.50 Japanese yen from 147.98 yen. The euro slipped to $1.1628 from $1.1629.

High-level talks held on support for Ukraine a week after Trump said Europe will pay for weapons
High-level talks held on support for Ukraine a week after Trump said Europe will pay for weapons

Toronto Star

time3 hours ago

  • Toronto Star

High-level talks held on support for Ukraine a week after Trump said Europe will pay for weapons

The U.K. and Germany are chairing a meeting Monday to discuss President Donald Trump's plans for NATO allies to provide Ukraine with weapons, a week after the U.S. president said deliveries would arrive in Ukraine within days. The virtual meeting will be lead by British Defense Secretary John Healey and his German counterpart Boris Pistorius. Healey said U.S. Defense Secretary Pete Hegseth and NATO leader Mark Rutte, as well as NATO's Supreme Allied Commander Europe, Gen. Alexus Grynkewich, will attend the meeting of Ukraine Defense Contact Group.

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into a world of global content with local flavor? Download Daily8 app today from your preferred app store and start exploring.
app-storeplay-store