Trump was asked Friday about his use of the term “Shylock” during his campaign rally in Iowa, when the president said about his domestic policy bill, “Think of that: no death tax, no estate tax, no going to the banks and borrowings from in some cases a fine banker. And in some cases, Shylocks and bad people.”

Shylock is a Jewish money lender in Shakespeare's "The Merchant of Venice." The term, shorthand for loan shark, has long been considered offensive.