During a rally on Wednesday evening, President Donald Trump referred to some bankers as “shylocks,” a term widely recognized as an antisemitic slur, sparking renewed criticism of his campaign rhetoric.
Speaking before a crowd in Des Moines, Trump described how his policies had eliminated the estate tax, which he claimed previously forced families to borrow from banks to keep their farms. In doing so, he made a controversial reference.
“You go out and borrow money and all of a sudden the bank is foreclosing on the farm,” Trump said. “No more estate tax. No more death tax to pay… That’s if you love your children… But we did the opposite. Just remember that. And in some cases, you were borrowing from fine bankers, and in some cases, shylocks and bad people.”
The word “shylock” traces back to Shakespeare and is widely seen as an antisemitic slur targeting Jewish moneylenders. Groups like the ADL have repeatedly flagged its use. Trump, for his part, didn’t take it back.
Beyond the comment, the speech touched on several campaign points, including economic growth, tax reform, and his criticism of Democratic lawmakers. He claimed the Republican-backed bill signed earlier this year had eliminated the estate tax and cut $1.5 trillion in what he called “wasteful spending.”
“This bill rescues over two million family farms,” Trump said, emphasizing his support for rural communities like Iowa. He added, “You were losing farms to the banks like nobody’s ever seen before.”
He praised Republican lawmakers for supporting the legislation and criticized Democrats for their opposition.
“Not one Democrat voted for us,” he said. “Only because they hate Trump. But I hate them too. You know that. I really do. I cannot stand them because I really believe they hate our country.”
Inside the rally, people loved it. Outside? Not really. Critics are rolling their eyes, saying, “Here we go again,” and warning this just adds fuel to the fire.
And there’s history here. The word “shylocks” got Joe Biden in trouble back in 2014—he even had to issue an apology for it.
This is probably going to be the story of the 2025 campaign: does Trump’s controversial language help or hurt him in the states that matter? No one really knows.
For now, the Trump campaign isn’t saying a word.
