WATCH: Trump Announces MAJOR Economic Policy That Will Reshape The Auto Industry

On Thursday, 45th President Donald Trump unveiled a slew of additional economic policies meant to cut Americans' tax burden after years of elevated prices caused by high inflation brought about by the Biden-Harris administration. The new policy proposals include ending double taxation on American citizens living abroad and making the interest on car payments fully tax deductible.

During a speech at the Detroit Economic Club, President Trump unveiled his car payment interest plan by comparing it to a similar tax deduction currently available for interest on mortgage payments. During his remarks to the Detroit crowd, many of whom work in the auto industry, Trump explained that industry insiders praised the plan for the innovative idea. "I am announcing that as part of our tax cuts, we will make interest on car loans fully deductible," Trump announced on Thursday. "We are going to make it fully deductable, the interest payments. That's going to revolutionize your industry. This will stimulate massive domestic auto production and make car ownership dramatically more affordable for millions and millions of Americans."

During his remarks, the Republican presidential candidate vowed to ban Chinese-made autonomous vehicles from American roadways and would keep Chinese auto factories out of northern Mexico to prevent them from flooding the American market with cheap vehicles. "It's not going to happen," Trump explained, as reported by CNBC. "I will impose whatever tariffs are required — 100% if necessary."

In addition to giving additional tax breaks to hard-working Americans, the Trump campaign revealed to The Wall Street Journal that he would be ending "double taxation" on Americans living abroad. The United States is one of the only countries in the world that forces its citizens to pay taxes to both the country they are living in and their home country, a relic of an income tax imposed during the Civil War.

The economic policies President Trump unveiled on Thursday are part of an innovative new agenda that will put more money in Americans' pockets and bring manufacturing back to the United States. As previously reported by the DC Enquirer, Trump unveiled a policy that rewards US-based manufacturers with expanded research and development tax credits to "write off 100% of the cost of heavy machinery and other equipment in the first year." Under the 2017 Tax Cuts and Jobs Act, businesses, beginning in 2022, have been unable to write off research and development investments in the first year and have instead been forced to gradually write off the costs over a five-year period. "You're going to get full expensing. In other words, you have a one-year write-off," Trump said about the policy.

The Republican presidential candidate also stated that he would appoint a "manufacturing ambassador" to bring factories back to America's shores to ensure American workers get solid middle-class manufacturing jobs. "Finally, to exploit these full manufacturing policies, I will appoint a manufacturing ambassador whose sole task, and it will be a great one, will be to go around the world and convince major manufacturers to pack up and move back to America, where they want to be," Trump said. "For years, we watched other countries steal our jobs. Now we are going to be going after their jobs and bringing them back to America where they belong and where frankly they want to be."

WATCH:

🚨NEW POLICY ALERT🚨

"I am announcing that as part of our tax cuts, we will make interest on car loans fully deductible." pic.twitter.com/Gs1bvB6VbR

— Trump War Room (@TrumpWarRoom) October 10, 2024

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