Trump proposes 15% corporate tax to 'save' US auto industry; threatens 1,000% tariffs on imports

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Trump said Detroit's auto industry was decimated 'as if by a foreign army.'

Former President Trump on Thursday spoke at the Detroit Economic Club, where he announced a new plan to supercharge America’s auto industry and warned he could slap up to 1,000% 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.

"He happens to be the father of Tiffany’s husband, Michael, who’s a very exceptional young guy. And she’s an exceptional young woman. And she’s going to have a baby. So that’s nice," said Trump.Reuters contributed to this report. LINK: Get updates on this story and more at foxbusiness.com.

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