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By Khaleda Rahman
National Correspondent
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President Donald Trump used a term regarded as an antisemitic slur when referring to unscrupulous bankers during a speech on Thursday.
It came as he was touting the impact of his One Big Beautiful Bill Act, passed by Congress hours earlier, during a rally at the Iowa State Fairgrounds.
"No death tax, no estate tax, no going to the banks and borrowing from, in some cases, a fine banker and in some cases, Shylocks and bad people," he said. "They destroyed a lot of families, but we did the opposite."
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Asked about his use of the term on Thursday night, Trump told reporters that he had "never heard that" it could be considered antisemitic.
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Newsweek contacted the White House for comment by email outside of regular working hours.
The Context
Shylock refers to the villainous Jewish moneylender in Shakespeare's The Merchant of Venice, who demands a pound of flesh from a character unable to repay a loan. It has long been considered a slur that plays on antisemitic tropes.
Trump has positioned himself as a close ally of Israel, and his administration has focused on combating antisemitism since returning to office in January. This has included signing executive orders and cracking down on universities that it says have failed to address antisemitism on campus.
But he has also faced accusations of antisemitism. On the campaign trial in 2024, he said that if he lost to Vice President Kamala Harris, the "Jewish people would have a lot to do" with it.
What To Know
Trump's use of the term on Thursday has sparked a backlash, with Amy Spitalnick, CEO of the Jewish Council for Public Affairs, saying that it was "not an accident" and "follows years in which Trump has normalized antisemitic tropes and conspiracy theories."
Democratic Representative Eric Swalwell called on the Anti-Defamation League (ADL), an antisemitism and human rights watchdog, to respond.
"If ADL cannot condemn this, they should pack it up. They will have ZERO credibility," he wrote on X, formerly Twitter.
The ADL previously criticized then vice president Joe Biden for using the term "Shylocks" in 2014. Biden apologized, saying it "was a poor choice of words."
The ADL slammed Trump for using the term, saying in a statement to Newsweek on Friday that it is "very troubling and irresponsible."
What People Are Saying
Donald Trump told reporters on Thursday after being asked about his use of the term: "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 than me."
The Anti-Defamation League said in a statement to Newsweek: "The term 'Shylock' evokes a centuries-old antisemitic trope about Jews and greed that is extremely offensive and dangerous. President Trump's use of the term is very troubling and irresponsible. It underscores how lies and conspiracies about Jews remain deeply entrenched in our country. Words from our leaders matter and we expect more from the President of the United States."
Amy Spitalnick wrote on X: "Shylock is among the most quintessential antisemitic stereotypes. This is not an accident. It follows years in which Trump has normalized antisemitic tropes and conspiracy theories — and it's deeply dangerous."
Abe Foxman, the former director of the ADL, told The Washington Post: "I think today, it's a term used primarily based on ignorance. But it continues to be seen by Jews as an antisemitic term, regardless of how you use it. The president of the United States should know better."
Representative Dan Goldman, a New York Democrat, wrote on X**:** "This is blatant and vile antisemitism, and Trump knows exactly what he's doing. Anyone who truly opposes antisemitism calls it out wherever it occurs — on both extremes — as I do. Where is Elise Stefanik and the GOP now that antisemitism is coming from Trump?"
What Happens Next
Foxman, who was among those who criticized Biden for his use of the term, told the Post that he does not expect Trump to apologize.
The White House has not yet responded about Trump's use of the phrase.
Update 7/4/25, 8:43 a.m. ET: This article has been updated with a statement from the Anti-Defamation League.
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