Will make America world’s manufacturing superpower; tax credits to bring back jobs from China: Trump

PTI, Aug 28, 2020, 11:57 AM IST

Washington: Vowing to make America the manufacturing superpower of the world, US President Donald Trump has said that he would provide tax credits to companies that would bring back jobs from China.

Trump, in his acceptance speech to the Republican National Convention which re-nominated him as the Republican Party’s presidential candidate, said that his administration in the second term will create 10 million jobs in 10 months.

“Over the next four years, we will make America into the manufacturing superpower of the world. We will expand opportunity zones, bring home our medical supply chains, and we will end our reliance on China once and for all,” Trump said on Thursday night.

He promised to continue reducing taxes and regulations at levels not seen before.

“Just as I did in my first term, I will cut taxes even further for hardworking moms and dads, not raise them. We will also provide tax credits to bring jobs out of China back to America – and we will impose tariffs on any company that leaves America to produce jobs overseas.

“We’ll make sure our companies and jobs stay in our country, as I’ve already been doing. Joe Biden’s agenda is Made in China. My agenda is Made in the USA,” Trump said as he unveiled his economic vision for his second term.

Trump, 74, who is seeking his re-election in the November presidential elections, is being challenged by Democratic nominee and former vice president Joe Biden.

“Biden has promised to abolish the production of American oil, coal, shale and natural gas – laying waste to the economies of Pennsylvania, Ohio, Texas, North Dakota, Oklahoma, Colorado and New Mexico. Millions of jobs will be lost and energy prices will soar,” he said.

“These same policies led to crippling power outages in California just last week. How can Joe Biden claim to be an ‘ally of the light’ when his own party can’t even keep the lights on?

“For America, nothing is impossible. Over the next four years, we will prove worthy of this magnificent legacy. We will reach stunning new heights. And we will show the world that for America, no dream is beyond our reach,” Trump said.

The president said that this election will decide whether “we save the American dream, or whether we allow a socialist agenda to demolish our cherished destiny”.

It will decide whether the US will rapidly create millions of high paying jobs, or whether crush industries and send millions of these jobs overseas, as has foolishly been done for many decades, Trump said.

“Your vote will decide whether we protect the law abiding Americans, or whether we give free reign to violent anarchists, agitators and criminals who threaten our citizens,” he said.

Trump said that he was voted to power four years ago, Washington insiders asked him not to stand up to China.

“They pleaded with me to let China continue stealing our jobs, ripping us off and robbing our country blind. But I kept my word to the American people. We took the toughest, boldest, strongest and hardest hitting action against China in American history.

“They said that it would be impossible to terminate and replace North American Free Trade Agreement (NAFTA) – but again, they were wrong. Earlier this year, I ended the NAFTA nightmare and signed the brand new US-Mexico-Canada Agreement into law. Now auto companies and others are building their plants and factories in America, not firing their employees and deserting us,” said the president.

Trump said that in the next four years, his administration will have strong borders, strike down terrorists who threaten people, and keep America out of endless and costly foreign wars.

“We will ensure equal justice for citizens of every race, religion, colour and creed. We will uphold your religious liberty, and defend your Second Amendment right to keep and bear arms,” he said.

The US, under him, will greatly expand energy development, continuing to remain number one in the world, and keep America energy independent, he added.

The US and China in the beginning of this year signed Phase-1 of a trade deal, ending a bitter two-year tariff war that had rattled the global economy. Trump has often accused China of stealing American jobs.

Relations between the US and China have plummeted during Trump’s time in office, with a trade war, tit-for-tat expulsions of diplomats, and angry denunciations coming from both Washington and Beijing.