In an election speech in Savannah, Georgia the former president Donald Trump said that if reelected, America would “take jobs from other countries.”
Trump announced his economic agenda. He pledged tax cuts, lower costs of energy, and fewer restrictions for American manufacturers. All this was aimed at revitalizing the American workforce and creating a manufacturing renaissance.
In a speech to an audience packed with people, Trump reaffirmed his commitment to penalise American firms that outsource their jobs overseas. Trump also pledged to impose heavy tariffs on imported goods in order to protect U.S. industry, which is a core element of his protectionist policies.
Under my plan, American workers won’t have to worry about losing their jobs to foreign countries. “Instead, foreign countries will be concerned about losing their job to America,” Trump said.
Trump’s speech is coming as he, along with Vice President Kamala Harris, ramp up their economic message in the final stretch for the 2024 campaign. The economy is a major concern for voters and the candidates have different visions of the future. Harris will deliver her economic proposals during a speech on Wednesday in Pittsburgh, Pennsylvania.
Taxes at ultra-low levels
In his speech, Trump went above and beyond the traditional rhetoric of protectionism, proposing to create special federal zones that would have “ultra-low tax rates and regulations” in order to attract international companies to the U.S. He also proposed the idea of creating a “manufacturing Ambassador” to encourage foreign companies to move to American soil.
Former President Bush has proposed extreme tariffs, such as a 60 percent tax on Chinese imports and a blanket 20 percent tariff on all other countries’ imports. Trump has dismissed critics’ concerns that aggressive policies may increase prices for U.S. customers. He insists that his approach will boost domestic industry.
Trump implemented tariffs against Chinese goods during his presidency. Some of these remain in effect under Biden’s administration. Trump’s economic plan targets Democrats as well, who he accuses of rising inflation and higher grocery prices after the Covid-19 pandemic. According to the U.S. Department of Agriculture, food Consumer Price Index increased by 25 percent from 2019 to 2023.
Polls indicate that voters still view the economy as an important issue, despite a cooling in inflation. Recent polls suggest that Trump has an advantage over Harris in economic issues. A CBS News/YouGov survey found that voters who prioritize the economy prefer Trump by 53 percent to 47 cents. Harris’ numbers have improved in recent weeks.
Trump’s Georgia visit followed a New York Times/Siena College survey showing him in a narrow lead over his rivals in Georgia, Arizona and North Carolina. Both candidates have devoted considerable time and energy to Georgia, which will play a crucial role in the outcome of the election.
What will the future be like?
Trump’s speech was advertised as an economic address, but he also spoke on other subjects, such as recounting assassination plots and criticising Harris for being “grossly uncompetent”. He said that Harris’s policies will “deindustrialise and destroy the United States.”
Mark Cuban is a billionaire investor and a staunch Democrat. The Harris campaign hosted a press conference with him shortly before Trump’s address. Cuban criticised Trump’s proposed tariffs, saying they would hurt American businesses and particularly those that have operations in Mexico.
Harris will continue laying out her economic plan in the days to come, focusing on measures that target first-time buyers, tax breaks for families, and ways to combat price gouging at grocery stores. She has proposed a tax credit to builders of first-time home buyers, as well as up to $25,000 for down-payment assistance.
Harris stressed that her plan will invest in “the aspirations and the ambitions of American people”, while also addressing their challenges.
Trump and Harris both position their economic plans to be key factors in swaying undecided votes in critical swing states as the 2024 elections approach.