Donald Trump, the Republican presidential candidate and former President of the United States, said at a campaign rally on the 24th that he would “steal jobs from other countries,” and that “you’re going to see a massive manufacturing exodus from China to Pennsylvania, from South Korea to North Carolina, from Germany to Georgia.” This is a sign of a stronger “America First” stance that will use tariffs as a weapon to take away manufacturing jobs not only from China but also from its allies South Korea and Germany.
At a campaign rally in Savannah, Georgia, a key southern battleground state, Trump said, “The new industrialism of America First will create millions of jobs in the United States and significantly increase the wages of American workers, making the United States a manufacturing powerhouse.” He continued, “American workers will no longer have to worry about losing their jobs to foreign countries,” adding, “Instead, other countries will worry about losing their jobs to the United States.”
Trump’s new industrialism focuses on lowering the corporate tax rate from 21% to 15% and improving the investment environment for manufacturing in the United States through environmental deregulation and tax incentives. It also focuses on significantly raising tariffs on imported goods to induce foreign companies to invest in the United States. Trump said, “(If elected) I will appoint an ambassador for manufacturing,” and “the sole mission of this ambassador will be to travel the world and persuade major manufacturers to return to the United States.”
As candidate Trump mentioned allies Korea and Germany as potential targets for manufacturing jobs, there are concerns that trade pressure on Korea could be stronger than expected when Trump’s second term begins. Candidate Trump also said on the same day that he would “impose a 100% tariff on all cars crossing the border” to Mexico, which has a trade agreement with the United States, Mexico, and Canada (USMCA). This hints that he may revise or even scrap free trade agreements with allies to attract investment in domestic manufacturing.
As the close race continues in swing states in the ‘Rust Belt,’ the competition between the two camps over policies to foster manufacturing in the U.S. presidential election continues to intensify.
Democratic presidential candidate and Vice President Kamala Harris is also scheduled to give a speech on the 25th in Pittsburgh, a major city in Pennsylvania, a battleground state and a symbol of the “declined steel industry,” and announce her economic platform. The Washington Post (WP) reported that Harris’s economic platform includes policies to promote manufacturing, including tax incentives.
Washington = Correspondent Moon Byeong-gi [email protected]
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2024-09-25 14:06:31