Former President Trump told Georgia voters on Tuesday he would use tariffs to create a “manufacturing boom” if he wins the presidential election in November, rejecting criticism from economists and Democrats that his plan would fuel inflation.
President Trump delivered what he called an economic address in Savannah, Georgia, home to one of the nation's busiest ports and a hub for shipping goods along the Atlantic Ocean.
Former presidents have pitched tariffs as a comprehensive solution to cut costs, reduce the deficit and boost domestic manufacturing. In his Georgia speech, Trump suggested he would use tariffs as a tool to thwart outsourcing and punish foreign competitors.
“If you don't make your products in America, you have to pay very high tariffs when you send your products to America,” Trump said.
“By the way, they've been bashing the word for years. The word 'tariffs' is a beautiful word when used right,” Trump continued. “It's one of the most beautiful words I've ever heard. It's music to your ears. A lot of bad people hated the word, and now they're starting to realize I was right.”
Trump told the audience that tariffs could be used to create a “manufacturing boom.”
“They'll have to pay a tariff to get in, but if there are incentives to build here, they'll come back with a bang,” Trump said.
Trump claims tariffs will lower costs, but economists sayrepetition saidCompanies will have to pass on higher costs to consumers, which could exacerbate inflation. Experts sayHe disputed Trump's claims.The tariffs would generate billions of dollars in revenue for the U.S. government.
The previous day, President Trump threatened to impose a 200% tariff on Illinois-based John Deere if the company goes ahead with plans to move some of its manufacturing to Mexico by 2026.
Former President Donald Trump has said that if he wins the presidential election in November, he will extend the tax cuts he first signed into law in 2017 when they expire next year and push for further cuts to corporate tax rates. On Tuesday, he made a gaffe, saying he had imposed “the biggest tax increase in the history of our country” on Americans.
Vice President Harris has offered several specific economic proposals since becoming the Democratic candidate in late July, calling them part of an “opportunity economy” agenda. She has proposed ending federal price gouging, calling for increased housing supply and assistance for first-time homebuyers, and expanding the child tax credit.
Harris also proposes raising the corporate income tax rate from the current 21% to 28%.
Harris' campaign on Tuesday rejected Trump's promises to bring back manufacturing jobs, arguing that her track record during her first term means thousands of jobs will be restored.Move abroad.
“During his presidency, Trump encouraged companies to move American jobs to China. His second term policies promise to destroy thousands of American manufacturing jobs, send even more to China, and cost middle-class families $4,000 a year through a 'Trump Tax,'” Harris' campaign argued.
