Former President Donald Trump delivered a speech to the Economic Club of New York where he outlined his economic platform should he be reelected in 2024. Trump vowed to protect American industries by increasing tariffs on imports while cutting other taxes and regulations to boost domestic manufacturing. He referred to his approach as economic nationalism and emphasized the importance of putting America first.
In contrast, Trump criticized Vice President Kamala Harris and the Biden administration for policy shortcomings and proposed tax increases. He highlighted the need for a sovereign wealth fund funded by tariffs on foreign imports to invest in national endeavors. Trump also promised to appoint Elon Musk to lead a government efficiency commission and make the tax cuts he signed into law in 2017 permanent.
Harris, meanwhile, laid out her own economic proposals during a speech in New Hampshire, including increasing deductions on business start-up costs and simplifying the tax filing process for entrepreneurs. She also broke from Biden’s tax plan for capital gains, proposing a 28% rate on long-term capital gains for earners over $1 million.
Trump tied his hardline immigration stance to the economy, claiming that immigrants are taking jobs from Americans, particularly Hispanic and African Americans. He also highlighted the importance of growth through tariffs on foreign imports to reduce the deficit.
Critics, however, argue that Trump’s economic plans could lead to additional costs for consumers and add trillions to the deficit. Trump also addressed his legal issues, suggesting that political prosecutions have damaged the country’s economy and promising to restore the rule of law if reelected.
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