Former President Trump laid out his pitch to strengthen the auto industry in an economic address in Detroit on Thursday, proposing to make interest on car loans fully tax deductible, pledging to renegotiate trade deals and vowing to use tariffs to target foreign auto imports.
Trump, in a speech to the Detroit Economic Club, made clear his economic vision for bolstering the industry would rely heavily on tariffing foreign nations. He also spoke disparagingly about Detroit itself at times, calling the city in which he was speaking a “developing area more than most places in China."
The former president said he would propose making interest on car loans fully tax deductible, a policy he argued would “stimulate massive domestic auto production and make car ownership dramatically more affordable for millions and millions of working American families”
The idea is in line with Trump’s series of proposals to eliminate taxes on various forms of income, including overtime work, tipped wages and Social Security benefits.
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