Trump Faces Backlash After Using Antisemitic Slur to Describe Bankers

4 July 2025

President Donald Trump speaking at Joint Base Andrews, Maryland, on Thursday. Alex Brandon/AP

During a campaign-style rally in Iowa on July 3, President Trump referred to some bankers as “Shylocks,” drawing immediate criticism for invoking a term widely recognized as an antisemitic slur. The term originates from Shakespeare’s The Merchant of Venice, where Shylock is a Jewish moneylender driven by stereotypes of greed, and is considered offensive due to its historical connotations.

In his speech celebrating the passage of his signature tax-cut and spending bill, Trump praised the legislation for abolishing the death tax and estate tax. He then shifted focus to debt practices, stating people no longer have to borrow “from, in some cases, a fine banker, and in some cases, Shylocks and bad people.” He defended his choice of words by claiming he meant only the idea of a high-interest lender, saying he “never heard that” the term was considered antisemitic.

Yet civil rights groups and critics were swift to condemn the remark. The Anti-Defamation League described the usage as “dangerous and deeply offensive,” emphasizing that employing antisemitic tropes especially from a national leader is unacceptable. Former ADL director Abe Foxman pointed out that while ignorance may explain usage, it cannot excuse its impact, asserting that a U.S. president should be aware of such harmful historical associations.

This incident echoes a similar moment in 2014 when then-Vice President Joe Biden used the term and later apologized after public backlash. Trump’s response, however, stood in contrast; he insisted the term was benign and did not offer an apology, reinforcing concerns about his awareness and sensitivity to minority communities.

Analysts underline that while Trump’s administration has taken actions against antisemitism such as executive orders and stronger immigration vetting related to antisemitic activity his rhetoric has frequently sparked debate. Critics say repeated use of such tropes helps normalize prejudiced language and undermines the sincerity of broader governmental efforts.

The broader political backdrop centers on the celebration of America’s 250th anniversary and the signing of a trillion-dollar legislative package. Yet the choice of a historically offensive term overshadowed the event, sparking heated reactions and overshadowing the intended celebration of policy achievements.

This moment adds another chapter to a pattern in which Trump’s public statements particularly those referencing Jewish stereotypes have drawn condemnation. It raises questions about the responsibility of leaders to understand the racial and historical weight of their words, especially during high-profile appearances.

As the fallout continues, observers warn that addressing harmful rhetoric, whether intentional or not, is essential to preserving social cohesion. The debate over Trump’s use of “Shylock” serves as a reminder that leaders must choose their words carefully, mindful of the deep-rooted symbolism words can carry. The question now is whether this moment marks another learning opportunity or simply another controversy in an already divisive political era.