Donald Trump’s economic plan: Take away jobs, factories from allies and China

The Republican presidential nominee Donald Trump outlined his economic plan on Tuesday: move jobs and factories from other countries to the US. The former president, who is in a very close race with US Vice President Kamala Harris for the keys to the White House, said he will bring a “manufacturing renaissance” to the country, if elected.
How might he do that? By offering incentives to foreign companies to relocate to the US, titillating them with low taxes and minimal regulatory hurdles.
“We will take other countries’ jobs,” Trump announced at a campaign event in Georgia. “We’re going to take their factories.” He told his supporters that if he was re-elected he would ensure an exodus of business from allies like Germany and South Korea, as well as global competitor China.
He added that his planned incentives will only be enjoyed by companies who relocate to the US and hire American workers. And companies who do not want to relocate and export their goods to the US face high tariffs.
Furthermore, the former president promised US-based manufacturers tax breaks for research and development costs. He reiterated his promise to cut corporate tax from 21% to 15% for companies making their products in the country. He even promised to provide low regulatory zones on federal lands.
Reuters reported that Trump’s policies, experts believe, will lower government revenues and significantly spike the federal deficit.
This was Trump’s second major address related to his economic plans, and it came at a time when his race with Harris hangs on a knife’s edge. Numerous polls show both candidates in a very tight race leading up to the November 5 elections, especially in key battleground states like Georgia and Pennsylvania.
Reuters reported that Trump, when it came to economic issues, held an 11-point lead over Harris in late July. According to a new poll by Reuters/Ipsos, released on Tuesday, that lead has been slashed down to a mere 2 points by Harris; 41% of voters surveyed believed Harris had a better approach to the economy and jobs, while 43% sided with Trump.
Harris, too, revealed her plan to boost the economy and help the lower and middle class citizens dealing with high tax rates and expensive groceries. She proposed numerous tax breaks for them, along with tax credits for families with newborns, and credits to help reduce the cost of setting up small businesses.