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“under my leadership, we will take jobs from other countries, seize their factories, and bring thousands of businesses and trillions of dollars of wealth back to the good old usa.”

according to bloomberg on september 24, eastern time, former us president and republican presidential candidate trump delivered an economic speech in savannah, georgia, claiming that he would use tax incentives and tariff threats to attract foreign companies to move their businesses to the united states and take away manufacturing jobs from other countries.

he 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 go to companies that move manufacturing to the united states and hire american workers. companies that don't make products in the united states would face "very significant tariffs" when they ship them to the united states.

"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."

the plan aims to win over voters, but faces many challenges

trump's speech is part of a week of events in which both candidates are amplifying their economic views in swing states in an effort to win voter support. as the election approaches, economic issues will undoubtedly become one of the focal points of the two sides' competition.

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

moreover, trump's plan also faces many challenges. first, he must convince congress to pass his tax cuts, which is not an easy task, especially in the current political environment. second, it is also unknown whether foreign companies are willing to abandon their entrenched supply chains and move to the united states. although many foreign automakers such as volkswagen, toyota and hyundai have established manufacturing plants in the united states, their headquarters are still located overseas.

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 promise to slash the corporate tax rate to 15% from 21% for companies that make products in the u.s.

in addition, trump promised to appoint a global manufacturing ambassador to persuade foreign companies to relocate to the united states. he also said he would set up low-tax, low-regulation special zones on federal land for manufacturers to settle 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.