WASHINGTON

Former President and the Republican presidential candidate Donald Trump emphasized Tuesday that high tariffs would encourage companies to bring factories back to the US.

Trump explained his vision for reviving the domestic industry during an interview with Bloomberg News' John Micklethwait at the Economic Club of Chicago.

"We're all about growth. We're going to bring companies back to our country," said Trump, referring to abandoned factories. "We're going to lower taxes still further for companies to make their product in the USA, and we're going to protect those companies with strong tariffs. I’m a believer in tariffs."

Trump also explained the effect of higher tariffs: "The higher the tariff, the more likely it is that the company will come into the United States and build a factory, so it doesn’t have to pay the tariff."

Asked if he would seek to remove Federal Reserve Chairman Jerome Powell, Trump mocked the role. "I think it’s the greatest job in government. You show up once a month, and everybody talks about you like you're a god,” he said.

Trump added that the president should have the right to at least talk to the Fed chairman about decisions.

"I think I have the right to say as a good businessman what should be done," he added.