Former President Trump spoke at the Detroit Economic Club on Thursday where he announced a new plan to supercharge America’s auto industry and warned he could slap up to 1000% tariffs on foreign-imported vehicles if he's elected to a second term in office. The plan, dubbed the "Build It In America Plan," consists of a corporate tax rate of 15% for companies that choose to make their products in the U.S.
’ HURRICANE MILTON HAMPERS GASOLINE SUPPLY CHAIN To help small businesses afford the work vehicles they need to get the job done, Trump vowed to double the amount of equipment investment they can deduct under Section 179—from $500,000 to $1 million. He also announced that the Trump-Vance administration will make interest on car loans fully tax-deductible, much like mortgage interest is deductible, so small businesses can afford the work vehicles they need to get the job done.