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Trump offers tax breaks, few regulations to firms relocating to US
"I want German car companies to become American car companies. I want them to build their plants here," Trump said in Savannah.
Republican presidential nominee and former U.S. President Donald Trump holds a campaign rally in Indiana, Pennsylvania, U.S., September 23, 2024. / REUTERS/Brian Snyder
Donald Trump offered a series of incentives to encourage foreign companies to relocate to the United States if he wins the Nov. 5 election, including low taxes and few regulations.
The Republican presidential candidate said during his speech in Georgia the incentives would be offered only to companies that relocated manufacturing to the US and hired American workers.
"I want German car companies to become American car companies. I want them to build their plants here," Trump said.
Trump then warned foreign companies: "If you don't make your product here, then you will have to pay a tariff, a very substantial tariff, when you send your product into the United States."
Trump was speaking in Savannah, which has one of the largest ports in the U.S. and is a car manufacturing hub.
Trump said he would reward U.S.-based manufacturers with tax breaks for research and developments costs, and the ability to write off the costs of heavy machinery in the first year.
On Sept. 23, Trump said he would slap a 200 percent tariff on John Deere's imports into the U.S. if the agricultural equipment company moved production to Mexico as planned.
Preserving and creating American manufacturing jobs by slapping expansive tariffs on friends and foes alike has become a central theme of Trump's economic message, particularly in the closing months of the race against Vice President Kamala Harris, the Democratic candidate.
While Trump and his allies say trade barriers are necessary to protect U.S. industry, mainstream economists roundly say Trump's proposals would boost consumer inflation.
It is unclear what federal lands would be offered to foreign companies under Trump's plan, or how such an arrangement would work. If land remains in federal hands while foreign companies operate on it, those companies could in theory be exempt from property tax.
Trump also reiterate a pledge to lower corporate tax rates, but only for companies that manufacture domestically. The former president said earlier this month that he would cut the rate to 15 percent from 21 percent for domestic manufacturers.
Harris, who polls show is in a tight race with Trump, is set to unveil a suite of new economic proposals in Pennsylvania on Wednesday. Some of those proposals will be broadly aimed at helping Americans build and maintain wealth, Reuters reported.
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