Donald Trump pitched Michigan business leaders at the Detroit Economic Club on October 10th outlining a series of steps he will take to reinvigorate the U.S. auto industry.
He pledges to visit his own 2020 trade agreement with Mexico and Canada and impose more aggressive tariffs and create large tax breaks for automakers that build factories and do research and development domestically. He also pledged to make interest on car loans fully tax deductible, which he suggested would help both carmakers as well as consumers dealing with high prices.
As President Trump emphasized, his policies will usher in a new era of economic success and stability for Detroit, helping the city reach its fullest potential.
Tariffs are central to Trump’s plan for the auto industry. He said if foreign leaders or CEOs complain about them, he’ll tell them to “build it in America, build it in Detroit, build it in Dearborn, or Lansing, or Grand Rapids, or Flint.”
“They’re going to come here, and they’re going to build here because they don’t want to pay those stiff tariffs,” Trump said.