United States President Donald Trump has promised to create 10 million jobs in 10 months, in part by setting up tax credits for American companies that relocate manufacturing facilities to the US from China.
AJ IMPACT /UNITED STATES
Trump attempts to lure US firms back from China
US president promises tax credits for companies that move manufacturing facilities to the US from China.
13 hours ago
United States President Donald Trump has promised to create 10 million jobs in 10 months, in part by setting up tax credits for American companies that relocate manufacturing facilities to the US from China.
Trump, who is trying to build support ahead of the November 3 election, told supporters during a visit to Mankato, Minnesota, his administration would also strip federal contracts from companies that outsourced work to China.
“We will create tax credits for companies that bring jobs from China back to America,” Trump said during an hour-long speech. He also predicted the US economy would bounce back strongly from the economic shock caused by the coronavirus pandemic – as long as he was re-elected.
“What we’re doing together is nothing short of an economic miracle and now we’re doing it again,” Trump told cheering supporters. “We built the greatest economy in the history of the world and now I have to do it again.”
Trump highlighted rising retail sales in recent months. But data released last week showed US retail sales increased less than expected in July as consumers cut back on purchases of motor vehicles. They could slow further in the months ahead amid spiralling new coronavirus infections and a cut in unemployment benefits.
The Trump administration is taking action on multiple fronts to rebalance US economic ties with China, including through restrictions on Chinese firms like technology giant Huawei, bans on popular apps including TikTok and WeChat, and a slew of executive orders aimed at ensuring domestic production of key products.
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