At his upcoming address in Savannah, Georgia, Trump will set out his plan to attract foreign investments, Bloomberg reports.
According to a senior Trump adviser, the former President and Republican nominee plans to attract companies who sell in the US with a better business environment while maintaining the threat of import tariffs.
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In his address, Trump will outline how he will lower the corporate tax rate, reduce regulations, provide cheap energy, strong ports and offer federal land to attract manufacturers. His aides did not elaborate on what federal lands he would be referring to.
According to the proposal obtained by Bloomberg, if a company does not want to move their manufacturing to the US they’d be subject to significant tariffs. Countries like China could face tariffs from 60% to 100% and EU nations would not be excluded.
Earlier this week, Trump said that if US farm machinery maker Deere & Co moved their production to Mexico, as they have been planning to do, they would face a 200% tariff on imports to the US.
Trump made the comments at an event in western Pennsylvania, a key battleground state.
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By GlobalDataPennsylvania and the United Steelworkers Union (USW) have been at the forefront of the Nippon Steel deal blunder. The Japanese company’s bid to buy US Steel for $15bn has faced opposition from Biden, Harris and Trump. While the USW has endorsed Kamala, Trump’s talk about aggressively bringing manufacturing back to the US has sparked sympathies with many union voters.
While the Teamsters Union, the country’s most influential, declined to endorse a candidate, recent polls indicate slightly more support for Trump.
Vice President and Democratic Presidential nominee Kamala Harris and running mate Tim Walz have repeatedly said that Trump’s tax plan would affect regular consumers the most. Kamala HQ, the candidate’s campaign site on social media, has claimed that it would cost the average American household close to $4,000 a year.
The Center for American Progress released a report saying that a 20% import tax would cost consumers $3,900 a year. The National Taxpayers Union said a 10% tax could cost households $3,942 a year. Other organisations have much more conservative estimates.
The Peterson Institute for International Economics said that the average American household would pay over $2,600. A lower figure came from the Urban-Brookings Tax Policy Center which estimated middle-income households could pay $1,800 more.
Trump has generally polled better than Harris on the economy, despite recent strides by the Harris campaign.
