‘Shylocks’ – Trump under fire for using antisemitic term to describe bankers

Jewish organisations and civil rights advocates have condemned U.S. President Donald Trump after he used the term “Shylocks” – a phrase widely regarded as antisemitic – during a speech in Iowa on Thursday evening.

Speaking at a campaign-style rally in Des Moines, where he celebrated the passage of his landmark tax and spending legislation, Trump referenced the financial burdens faced by American farmers. While promoting estate tax relief for family-run farms, he said: “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.”

The comment drew immediate backlash from Jewish leaders, who said the term, drawn from Shakespeare’s The Merchant of Venice, reinforces longstanding antisemitic tropes depicting Jews as greedy and predatory moneylenders.

Amy Spitalnick, CEO of the Jewish Council for Public Affairs, wrote on X: “This is not an accident. It follows years in which Trump has normalised antisemitic tropes and conspiracy theories – and it’s deeply dangerous.” She added that the term “Shylock” is “among the most quintessential antisemitic stereotypes”.

Asked by reporters after the event whether he was aware of the term’s offensive meaning, Trump said: “I’ve never heard it that way. To me, Shylock is somebody that’s a moneylender and high rates.”

The Anti-Defamation League has long flagged the character of Shylock as one of the most recognisable symbols of antisemitic caricature in English literature. In its guidance on The Merchant of Venice, the organisation notes that Shylock is frequently portrayed as “conniving and cruel”, reinforcing deeply damaging stereotypes.

Trump’s remarks came during what had been billed as a nonpartisan celebration ahead of America’s 250th Independence Day. But his speech veered sharply into political territory, denouncing Democratic opponents of his so-called “big, beautiful bill” and vowing retribution at the ballot box.

The incident echoes a 2014 controversy in which then-Vice President Joe Biden apologised after using the same term during a speech to a legal aid group, saying his choice of words had been a “poor” one.

Trump’s campaign has not issued further comment as of Friday afternoon.