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"we're going to take away their factories," trump says, taking jobs from other countries

2024-09-25

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on september 24, eastern time, former us president and republican presidential candidate trump delivered an economic speech in savannah, georgia, announcing plans to attract foreign companies to the united states and claiming to take away manufacturing jobs from other countries.

"we're going to take jobs from other countries," trump said in his speech. "we're going to take their factories. savannah has a big port and it's a major auto manufacturing city."

he has said he would encourage foreign companies to move to the united states if he wins the nov. 5 election, promising to create special manufacturing zones on federal lands. those incentives, including low taxes and less regulation, would only be offered to companies that move manufacturing to the united states and hire american workers.

"i want german car companies to become american car companies, and i want them to build factories here," trump said. "the core of my economic plan is a revival of manufacturing."

he said companies that do not manufacture in the united states will face "very significant tariffs" when they ship their products to the united states.

imposing high tariffs on friendly and competing countries to protect and create american manufacturing jobs has become a core theme of trump's economics. while trump and his allies say trade barriers are necessary to protect american industry, many economists say trump's proposals will exacerbate inflation.

trump said he would offer tax breaks on research and development costs to manufacturers who locate in the u.s. and allow them to write off the cost of heavy machinery in the first year. he reiterated his pledge to slash the corporate tax rate to 15% from 21% for companies that make products in the u.s.

trump has pledged to appoint a global manufacturing ambassador to persuade foreign companies to relocate to the united states and has said he will create low-tax, low-regulation zones on federal land for manufacturers to locate in the united states.

it is unclear what federal lands would be made available to foreign companies under trump’s plan or how such an arrangement would work. if the land remained in federal hands and foreign companies operated on it, the companies could theoretically be exempt from paying property taxes.