Trump promises tax credits to companies bringing jobs from China to the US

By Alexandra Alper and Andrea Shalal

MANKATO / WASHINGTON, Aug 17 (.) – US President Donald Trump promised on Monday to create 10 million jobs in 10 months, in part by establishing tax credits for companies that move their manufacturing facilities to the country from China.

Trump, who is seeking to increase his support ahead of the Nov. 3 election, told supporters during a visit to Mankato, Minnesota, that his administration could also strip federal contracts from firms that outsource their workforce to China.

“We will create tax credits for companies that bring jobs from China to the United States,” Trump said during an hour-long speech, in which he also predicted that the local economy will recover strongly from the economic shock caused by the coronavirus pandemic, always and when he is reelected.

“What we did together is nothing short of an economic miracle and now we are doing it again,” Trump told supporters. “We built the largest economy in the history of the world and now I have to do it again.”

The Trump administration is taking action on multiple fronts to rebalance America’s economic ties with China, including through restrictions on Chinese companies like tech giant Huawei, bans on popular apps like TikTok, and a series of decrees aimed at guaranteeing the local production of key products.

The Republican president, who is behind Democrat Joe Biden in polls, said his tax cuts and other measures are strengthening the United States economy despite the pandemic.

He also said his government planned more tax cuts and deregulations to encourage investment in the country, but did not give specific details.

“We will end our dependence on China. We will manufacture our critical drugs and supplies here in the United States,” Trump said, in apparent reference to an executive order signed last month to boost production of drugs and medical equipment.

(Information by Alexandra Alper; written by Andrea Shalal. Edited in Spanish by Rodrigo Charme)