“This should be a roaring economy,” the 63-year-old told a packed room of more than 400, arguing that the U.S. has a productive workforce, is a world leader in innovation and enjoys cheap energy. Instead, he argued, tariffs are dampening investment and other economic activity, hurting employment while also pushing up prices – a combination termed stagflation.

Trump has argued that tariffs help the U.S. by raking in large amounts of money for the federal government and by encouraging businesses to avoid tariffs by investing to produce locally.

Christie, a past Trump ally who lead the transition team for Trump’s first presidential term but later had a falling out with him, claimed Trump has – or at least in the past had – a fundamental misunderstanding of the tariffs of which he is so fond. He told a story of a conversation early in Trump’s first term.

“We were talking about tariffs and he told me, ‘The great thing is we get all this money from foreign governments.’” Christie paused as chuckles rippled through the audience, then noted that tariffs are paid by the companies importing goods and may be passed on to consumers in higher prices.

“It’s a tax and it is putting a wet blanket on our economy,” he said. “It’s doing something we haven’t had since the 1970s. It’s inching our economy toward inflation.”

Christie’s comments – on tariffs and overall – seemed generally well received by his audience which applauded enthusiastically at the end of his speech. Throughout the four-day event, numerous speakers cited tariffs and uncertainty about them as major challenges for their businesses.

Christie also criticized Trump for at times criticizing or expressing ambivalence toward the North Atlantic Treaty Organization and for not providing stronger support for Ukraine in its war with Russia. He allowed that such involvement in foreign affairs can be costly – at least financially – but contended that the U.S. is wealthy enough to stand up to tyranny like Russia’s brutal invasion. He also argued that it is in U.S. interest to halt aggression such as Russia’s earlier rather than later.

“If we learned anything from the experience 80 years ago,” he said, referring to World War II, “it’s that you can only hide for so long.”

Christie’s speech appeared to deviate from what organizers expected. The meeting program listed the title as, “The Business of America is Business: Navigating Policy Impacts in Uncertain Times,” and included this description: Governor Christie’s keynote will provide a roadmap for anyone looking to future-proof their business against the backdrop of political uncertainty. He will arm attendees with the knowledge to anticipate and respond to shifting policy landscapes. Christie breaks down complex political developments, offering clear, actionable guidance for navigating changes with strategic agility.

As he exited the room, Christie said he has not decided whether to seek the Republican nomination for president again in 2028. “I’m not even actively considering it,” he said. “I don’t think anyone can make that kind of decision until after the mid-terms.” Midterm elections for Congress will be held in November 2026.