Trump pledges tax credits for US firms that bring jobs back from China

Companies that outsource jobs in "critical industries" are also in danger of losing federal contracts

President Trump pledged Monday that his administration would offer new incentives for companies that shift manufacturing back to the United States as part of his plan to reduce the country’s reliance on China.

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“We will create tax credits for companies that bring jobs from China back to America and we’ll impose tariffs on countries that leave America to produce jobs overseas,” Trump said at a campaign stop in Mankato, Minnesota.

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The president said his administration will “cut even more taxes” and regulations if he defeats presumptive Democratic challenger Joe Biden in November. He also told supporters that his economic plan would create 10 million jobs over the next 10 months.

Trump reiterated his pledge to “make our critical drugs and supplies right here in the United States” following shortages during the early days of the pandemic. Companies that outsource jobs in “critical industries” will lose their federal contracts, he added.

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“With the help of Minnesota workers, we will be the premier medical and pharmaceutical manufacture anywhere in the world,” Trump said.

Trump did not specify which industries would be considered "critical" or provide further details. He spoke as Biden, his running mate Kamala Harris and other key party members prepare for the mostly virtual Democratic National Convention in Wisconsin on Monday night

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Trump is scheduled to speak in Wisconsin later on Monday.

The president touted signs of economic recovery, including the addition of nine million jobs over the last three months and a surge in retail and auto sales. He warned that U.S. economic policy under a Biden-Harris administration would “kill the stock market.”

“My administration also understands that economic health is vital to public health,” Trump added.

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