US Republican presidential candidate Donald Trump on Monday sought to move beyond a week of turmoil, turning his attention to the economy with a major policy address in which he cast himself as a president who could bring new jobs and prosperity to “those who have the very least,” and warning that his rival, US Democratic presidential candidate Hillary Rodham Clinton, would be a steward of stagnation.
Joined by his running mate, Indiana Governor Mike Pence, Trump chose Detroit, Michigan, as his backdrop to unveil plans to overhaul the tax code, tear up trade agreements and rethink the US’ energy policy during a speech at the Detroit Economic Club.
Monday offered Trump a chance for something of a reset, allowing him to lay out a broader framework of his plans for the economy. Thus far, he has promised to spur economic growth by cutting taxes, closing loopholes that benefit the superrich, penalizing companies that move their operations to other countries and renegotiating trade deals that do not favor US workers.
Trump offered new details on Monday, calling for an end to the US’ estate tax, exclusion of childcare expenses from taxation and a 15 percent cap on all business income tax. He is also promising to use executive powers to impose a moratorium on new agency regulations.
On trade, Trump underscored his opposition to the Trans-Pacific Partnership trade deal. He also wants to renegotiate the North American Free Trade Agreement and label China a currency manipulator.
On energy policy, Trump said he would tear up the Paris Climate Agreement and halt US payments to UN global warming programs.
Clinton offered a simple reply to Trump’s economic address on Monday: “Don’t let a friend vote Trump.”
At a rally in St Petersburg, Florida, Clinton said the plans Trump outlined earlier in Detroit would push the country back into recession, warning that his plans benefit the rich and do little to create jobs or boost the economy.
“His tax plans would give super big tax breaks to large corporations and the really wealthy,” Clinton said, characterizing the proposals, which include substantial tax cuts, as “trickle-down economics.”
Clinton countered with her own economic proposals, saying she wants to invest in public works projects and more educational opportunities and will tax top earners to pay for her plans. She is expected to speak to the Detroit Economic Club tomorrow.
Additional reporting by AP
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