President Donald Trump talks to journalists as he arrives at Joint Base Andrews, Maryland early on July 4, 2025. Trump returns from Iowa where he spoke at the Salute to America Celebration at the Iowa State Fairgrounds in Des Moines. (Photo by ANDREW CABALLERO-REYNOLDS / AFP) (ANDREW CABALLERO-REYNOLDS / AFP)
Over time, the name came to be used more broadly to refer to a loan shark or greedy moneylender. Today, it can be considered an antisemitic slur, particularly when used in reference to Jewish people.
"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," Trump said, while referring to the bill’s elimination of estate taxes and borrowing burdens.
The term did not provoke any reaction from the crowd, but his remark quickly blew up online, and he later defended using it when a reporter said it is widely considered an antiemetic phrase.
"No I’ve never heard it that way," Trump responded. "To me, a shylock is somebody that’s a moneylender at high rates. I’ve never heard it that way. You view it differently than me. I’ve never heard that."
The Anti-Defamation League (ADL), which works to combat antisemitism, said the term evokes "a centuries-old antisemitic trope about Jews and greed that is extremely offensive and dangerous."
Rep. Jerry Nadler, D- N.Y., who is Jewish, criticized Trump for using the term. (Tasos Katopodis/Getty Images)
Trump has made tackling antisemitism — particularly on college campuses and through immigration enforcement — a top priority in his campaign. He signed an executive order in January mandating that all federal agencies identify and apply tools to address antisemitic harassment and violence in higher education. His administration has also launched investigations into universities including Harvard, Columbia, and UC Berkeley over allegations of antisemitism and has threatened to pull federal funding if they fail to act.
His daughter Ivanka converted to Orthodox Judaism in 2009 and is married to Jared Kushner, who is also Jewish.
Democrat Joe Biden, while vice president, said in 2014 that he had made a "poor choice" of words a day after he used the term in remarks to a legal aid group.
The Associated Press contributed to this report.
Michael Dorgan is a writer for Fox News Digital and Fox Business.
You can send tips to michael.dorgan@fox.com and follow him on Twitter @M_Dorgan.
https://www.foxnews.com/politics/trump-defends-use-shylock-term-rally-amid-antisemitism-claims