President Donald Trump on Aug. 17 pledged that his administration would set up tax credits for U.S. companies that shift manufacturing facilities from China back to the United States, as he seeks to reduce reliance on Beijing and rebuild American manufacturing.
Trump, seeking to build support ahead of the Nov. 3 election, told supporters during a visit to Mankato, Minnesota, his administration would also strip federal contracts from companies that outsourced work to China.
“We will create tax credits for companies that bring jobs from China back to America and well impose tariffs on countries that leave America to produce jobs overseas,” Trump said, asserting his confidence that the U.S. economy will, if he is reelected, bounce back strongly from the economic shock caused by the CCP (Chinese Communist Party) virus pandemic.
The president vowed to create 10 million jobs in 10 months in part through his economic plan.
“What were doing together is nothing short of an economic miracle and now were doing it again,” Trump said during an hour-long speech. “We built the greatest economy in the history of the world and now I have to do it again.”
The president previously laid out an economic plan with six promises to U.S. workers if he is reelected for a second term in November.
During a visit to the crucial battleground state of Ohio on Aug. 6, Trump pledged to make the United States “more prosperous and resilient than ever before.”
The president highlighted his administrations efforts to increase the domestic production of personal protective equipment such as gloves, gowns, and respirators.
Trump said the Defense Production Act would be used to mobilize the countrys industrial capacity, while low taxes and fewer regulations would maintain a climate for growth.
“Were building factories now. Were building plants. Youll see whats going to be happening with the job numbers very soon,” the president added.
He also stressed the importance of not being reRead More From Source
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