> Trump calls for broad tariffs to spark a 'new American industrialism'
Trump calls for broad tariffs to spark a 'new American industrialism'
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Donald Trump on Tuesday pledged not only to stop U.S. businesses from offshoring jobs, but also to take other countries’ jobs and factories in part through huge tariffs that economists say could actually raise domestic prices.
Among the ideas the former president pitched in Georgia was cutting the corporate tax rate from 21% to 15%, but only for companies that produce in the U.S. His opponent, Vice President Kamala Harris, wants to raise the corporate tax rate to 28%. It had been 35% when Trump became president in 2017, and he later signed a bill lowering it.
“We’re putting America first,” Trump said. “This new American industrialism will create millions and millions of jobs.”
The former president has pressed Harris on the economy and has proposed using tariffs on imports and other measures to boost American industry, even as economists warn U.S. consumers would bear the costs of tariffs and other Trump proposals like staging the largest deportation operation in U.S. history.
That didn't stop Trump from declaring, “If you don’t make your product here then you will have to pay a tariff, a very substantial tariff, when you send your product to the United States.”
Harris spoke Friday in Atlanta, calling Trump a threat to women’s freedoms and warning voters he would continue to limit access to abortion if elected president.