Trump Pledges 'Manufacturing Renaissance'

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Facts

  • Republican presidential nominee Donald Trump has said that the US would 'take other countries' jobs' and set off a 'manufacturing renaissance' if he wins the Nov. 5 election.[1]
  • During a speech in Savannah, Georgia, on Tuesday, Trump threatened to take over foreign countries' factories by offering tax incentives and imposing steep tariffs.[2]
  • Calling for a 'new American industrialism,' he vowed to introduce a 15% 'made in America' tax rate and end the US workers' 'horrific nightmare' if elected.[3]
  • The former US president, who lowered corporate tax rates during his presidency from 35% to 21%, proposed cutting it further to 15% for firms producing in the US.[4]
  • Trump also set forth a vision for designated special zones with low taxes and regulations created on federal lands and appointing a global manufacturing ambassador to bring firms to the US.[5]
  • In February, Trump proposed imposing a 60% tariff or higher on Chinese goods and a blanket 10% tariff on imports from other countries.[6]

Sources: [1]Politico, [2]Bloomberg, [3]Roll Call, [4]Al Jazeera, [5]Reuters and [6]CNBC.

Narratives

  • Republican narrative, as provided by FOX News and Daily Wire. Trump's economic proposals resonate with voters as the election nears, giving him a significant edge over Kamala Harris in the polls. His approach had previously led to record-low unemployment, increased wages, and reduced poverty. In contrast, Harris' economic policies are associated with inflation and lower living standards, and she's now left proposing alternative solutions. Trump's commitment to bringing back manufacturing will undo decades of failed neoliberal policies and empower American workers.
  • Democratic narrative, as provided by The Hill and MSNBC. Trump's bold promises aside, the US lost 2.7M jobs overall, including 154K in manufacturing, during his tenure. Rust Belt factories shut down even as his tax cuts, touted as job creators, benefited corporations and the wealthy. Workers who once backed him were left feeling betrayed. Kamala Harris' polling on her economic policies in fact shows that she's gaining momentum with the American people — from Wall Street to Main Street, Harris will help steer the US to greater prosperity.

Predictions