Trump lays out economic vision, touts tax cuts, regulatory reforms

Republican presidential nominee Donald Trump, calling his opponent Hillary Clinton a "candidate of the past," laid out his economic vision Monday to "jump start" America.

"It can be done, and it won't even be that hard," he said.

Speaking in Detroit, home of the diminished US car industry, Trump offered a range of proposals including regulatory and tax reforms, which he said would bring the biggest tax revolution to the United States since the Reagan era.

He said many US workers would see their income tax rate drop to zero under his plan - a "night-and-day contrast" with the proposal put forth by Clinton - and he would eliminate many special-interest loopholes.

Trump, who was interrupted by protesters numerous times throughout the speech, said he would cut government regulations "massively," claiming that overregulation costs the US 2 trillion dollars a year in economic output.

"I will have one overriding goal when it comes to regulation: I want jobs and I want wealth to stay in America," he said.

He said he would institute a "temporary moratorium" on any new federal regulations.

"It is time to remove the anchor dragging us down."

"We don't win anymore. But when I am president we will start winning again. Big league," he said.

Trump called current US labour statistics, with the official jobless rate at approximately 5 per cent, "one of the biggest hoaxes in modern American politics" and said that more than 90 million Americans remain outside the labour force.

Detroit, where he claimed that half of residents are out of work, was "the living breathing example of my opponent's failed economic agenda."

He accused President Barack Obama and Clinton of supporting trade deals "that stripped this city of its jobs and its wealth."

The real estate magnate turned politician declared a seven-point plan on trade that targets currency manipulation, imposes tariffs on countries that unfairly subsidize their exports and would renegotiate the North American Free Trade Agreement (NAFTA).

The centre of Trump's plan to improve trade is enforcement with China, which he said could return millions of jobs to the United States.

China, he said, "breaks the rules in every way imaginable" when it comes to trade with the US. This includes the illegal export of subsidized products, currency manipulation, "rampant" intellectual property theft and lax environmental controls, he said.

Trump called the Trans-Pacific Partnership (TPP) trade pact a "betrayal" of US manufacturing, especially in the car industry.

He said the TPP would be "an even bigger disaster" for the automotive sector than NAFTA, which was enacted during Bill Clinton's administration in 1994.

Trump claimed Michigan lost more than a third of its car manufacturing jobs after NAFTA went into effect.

Trump told the audience that he would withdraw from TPP but Clinton would not, despite recently saying she could not support it as it currently stands. As for NAFTA, Trump says he would renegotiate it and "walk away" if the US doesn't get a better deal.

Clinton struck back, saying on Twitter that Trump would not only put US national security at risk but also endanger the economy. She said his plan was "just a repackaging of trickle-down economics - and it doesn't help our economy or the vast majority of Americans."

In the 1980s, left-leaning Democrats ridiculed the Reagan administration's policies, which emphasized lower taxes and streamlined regulation, as "trickle-down economics."

But Trump, as he did in a previous foreign policy speech, said his plan would put America first.

"Americanism not globalism will be our new credo. Our country will reach amazing new heights - maybe heights never attained before," Trump said. "All we have to do is stop relying on the tired voices of the past."

"We are ready to show the world that America is back. Bigger and better and stronger than ever before," he said to close out his remarks.

The speech follows a week filled with campaign missteps, and Trump was seeking to get back on track by extolling his economic competence.

Trump last week announced a panel of economic experts who will advise him throughout the campaign. The group consists of 13 men, primarily managers and entrepreneurs from the financial sector as well as the real estate industry.

Last update: Mon, 08/08/2016 - 23:30

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