Republican presidential nominee Donald Trump on Thursday promised to lead a “national economic renaissance” while delivering remarks to the Economic Club of New York on Thursday.
Trump outlined specific plans that he said would defeat inflation, bring down prices, and reignite economic growth.
Made in America: Cut Taxes, Raise Tariffs
Trump said he would boost the economy with his new policy plan to cut taxes for companies that create jobs in America and raise tariffs on corporations taking U.S. jobs overseas.
“If you outsource, offshore, or replace American workers, you aren’t eligible for any of these benefits,” Trump said. “ In fact, you’ll pay a very substantial tariff that comes in from another country … there will be a big tariff on that product.”
Trump reiterated his plan of cutting the 21 percent corporate tax rate to 15 percent, but emphasized that it would only apply to companies that make their products in America.
“Huge news!” Trump’s running mate, Sen. J.D. Vance (R-Ohio), wrote in a post on X in response to his speech. “Unlike Kamala Harris, we’re going to put America FIRST once again!”
Trump also said that revenue from tariffs will be able to offset programs aimed at easing the burden of child care costs.
“As much as child care is talked about as being expensive, it’s, relatively speaking, not very expensive compared to the kind of numbers we’ll be taking in.”
Trump said in his remarks that he would make his 2017 tax cuts permanent and to “cut taxes even more” and also pledged that he would not tax Social Security.
Liquid Gold: Energy Independence
“We have more liquid gold under our feet than any other country, including Russia and Saudi Arabia. And we’ll be using it,” Trump said while pledging to implement a policy of energy abundance, independence, and dominance.
The Biden-Harris energy policy was the root of the inflation plaguing the country in recent years, according to Trump, who argued that prices have not come down because of it.
“To address this dire energy crisis that Kamala and Joe have created, I will immediately issue a national emergency declaration to achieve a massive increase in domestic energy supply,” Trump told industry leaders.
His plan includes eliminating 10 current regulations for every new regulation that the government adopts.
Trump promised that his policy will cut energy prices in half or possibly even more within his first year in office, specifically saying he would get gasoline down to $2 per gallon.
‘America First’ Versus ‘Opportunity Economy’
Trump compared his vision to boost the economy to that of his Democrat rival. The 45th president reiterated his policies put “America first,” while Harris has pledged to create an “opportunity economy.”
“[Harris] is promising communist price controls, wealth confiscation, energy annihilation, reparations, the largest tax increase ever imposed and mass amnesty and citizenship for tens of millions of migrants who will consume trillions of dollars in federal benefits and destroy social security and Medicare,” Trump said. “I am promising low taxes, low regulations, low energy costs, low interest rates, secure borders, low, low, low crime and surging incomes for citizens of every race, religion, color and creed.”
Harris has said her economic agenda is focused on boosting the middle-class. On the campaign trail she has reiterated her plan to make it easier to start a business, build more affordable housing, and raise the corporate tax rate to 28 percent.
Trump on Thursday also revealed his plan to audit the federal government through the creation of a government efficiency commission. The Republican presidential nominee said the commission would be headed by Elon Musk.
In a comment on X, Musk said that the task force is “badly needed.”