During a speech at the Economic Club of New York, Republican presidential candidate Donald Trump announced several economic policies designed to encourage manufacturing investment in the United States and lower the cost of housing. The announcement is part of a broader economic agenda to rebuild American industry and put American workers first.
Trump stated that his economic agenda would expand tax credits for research and development, 100 percent bonus depreciation, expensing for new manufacturing investments, and reducing the corporate tax rate to 15 percent for companies that make their product in America. "You have to make your product in America. If you outsource, offshore, or replace American workers, you are not eligible for any of these benefits. In fact, you will pay a very substantial tariff that comes in from another country. That's made in another country and comes in. There will be a big tariff on that product because we want to make our goods in America."
"My message is simple: make your product in America and only in America," he continued. "We are not going to be taken advantage of anymore, just as we made great inroads and progress four years ago. We made tremendous inroads on this subject. We are not going to watch our wealth and jobs get ripped away from us and sent to foreign countries, which is what has been happening for many, many decades with us. China was built doing exactly what we are going to be doing and what I started doing four years ago. What we are putting forward is the most pro-America manufacturing and jobs policy in modern history for any country. This plan will bring jobs and growth into our country at levels never seen before. Every business on Earth will flock to America."
In addition to Trump's manufacturing policies, the former president announced that his administration would require all essential materials for America's national security to be manufactured in the United States. "When we built the F-35, we had wings built in one country, tail rudders built in another country, seats built in another country, we have the electronics built in seven different countries. What the hell would we do if there was a war?" Trump said.
President Trump also told the crowd that he would appoint Tesla CEO Elon Musk to a Government Efficiency Commission to carry out "a complete financial and performance audit of the entire federal government" and make "recommendations for drastic reform."
WATCH:
🚨BREAKING: President Trump announces a whole host of tax benefits including a reduction of the corporate tax rate to 15% solely for corporates that make their products in America:
— Greg Price (@greg_price11) September 5, 2024
"My message is simple: Make your product in America and only America."pic.twitter.com/DgQnDwY1lO
BREAKING: Trump announces that he will sign an order requiring all essential materials used in the United States to be Made In America ONLY
— George (@BehizyTweets) September 5, 2024
"When we built the F-35, we had wings built in one country, tail rudders built in another country, seats built in another country, and… pic.twitter.com/PP8nXb4fdh
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