Trump touts American manufacturing, tax breaks for US companies that make goods at home in speech to Detroit Economic Club

Donald Trump spoke at the Detroit Economic Club on Thursday, where he again committed to strengthening American manufacturing by offering big tax breaks to companies making goods in the United States. Trump gave a detailed economic plan with a focus on bringing manufacturing jobs back to the US from foreign countries, helping boost car production, and slashing taxes for companies.

The GOP nominee slammed the Biden-Harris administration for overseeing what he says he believes is the highest inflation “ever." He added some comments on the decline in domestic manufacturing, calling the economy a “disaster."

“Four years ago when I left office, we had no inflation—and we had virtually no inflation during my entire term. Under Biden and Harris, because of inflation, the economy has been a disaster, but Kamala says she can’t think of one thing she would do differently. The only way to end this suffering is to vote for change this November,” Trump said.

He pointed to soaring car prices, rent, and housing costs as evidence of failed economic policies, and promised to end the “four-year long nightmare” the moment he takes oath of office.

Trump proposed the “Build It In America” policy, which will offer lower taxes, reduce energy costs, and cut red tape by removing regulatory burdens for companies that manufacture in the US. He also proposed a 15 percent corporate tax rate exclusive to American-made products, a decline from 21 percent. The GOP nominee also announced expanded research and development tax credits, and full write-offs for heavy machinery purchases in the first year.

“The US lost nearly 4 million manufacturing jobs after globalist politicians gave us the twin disasters of NAFTA and China’s entry into the WTO. Nearly a quarter of a million jobs were destroyed here in Michigan alone—including 40 percent of all auto jobs,” Trump said. “I renegotiated Obama’s Korea trade deal to fully restore the protective tariff on foreign pickup trucks. Without that tariff, every single one of the Detroit Big Three could right now be out of business—50% of their U.S. sales are pickup trucks. Perhaps most importantly, I imposed a 27.5 percent tariff on all Chinese automobiles. In other words, I kept Chinese cars out of America,” he said.

Trump proposed making interest on car loans fully tax-deductible, aiming to make car ownership more affordable for working families. He closed by promising to defeat inflation and bring about "nothing less than a new American industrial revolution.”

“We will cut taxes, slash regulations, curb wasteful spending, and unleash energy production to rapidly drive prices down and put more money in the pockets of American consumers,” he said, also promising no tax on tips, no tax on overtime, and no tax on social security benefits.”