Donald Trump To Offer Foreign Companies Tax Cuts and Federal Land

Former President Donald Trump is set to announce a plan that will provide tax cuts and federal land to foreign companies operating in the U.S.

On Tuesday, Trump is expected to deliver a speech where he will discuss plans to stop U.S. businesses from outsourcing jobs, but also to bring jobs and factories from other countries back to the United States.

One of Trump’s key proposals includes offering foreign companies access to federal land as an incentive to bring their operations to the U.S. He hinted at the plan earlier this month, alongside a proposal to cut the corporate tax rate from 21 percent to 15 percent—but only for companies manufacturing domestically.

In contrast, Vice President Kamala Harris has called for raising the rate to 28 percent. The corporate tax rate was 35 percent when Trump took office in 2017, before he signed legislation to lower it.

Trump has ramped up his attacks on Harris over the economy, proposing tariffs on imports and other measures aimed at strengthening American industry. However, economists caution that such tariffs, along with other Trump proposals like carrying out the largest deportation operation in U.S. history, would likely place the financial burden on U.S. consumers.

Until now, Trump has largely focused his economic strategy on penalizing companies that move operations overseas. On Tuesday, however, he’s expected to unveil a new approach, offering incentives for foreign companies to relocate to the U.S. Trump plans to personally lead the effort to attract these firms, with members of his administration joining in the recruitment push.

A senior Trump adviser shared portions of the former presidents speech expected later on Tuesday with The Associated Press (AP), however, parts of the speech could still be changed.

It remains uncertain whether Trump’s proposed incentives would successfully lure foreign companies if he returns to the White House. During his previous term, his track record on attracting foreign investment was mixed. For instance, Trump touted a $10 billion deal with Taiwan-based tech giant Foxconn in Wisconsin, promising up to 13,000 jobs. However, the project ultimately failed to materialize as planned.

It’s uncertain whether a president has the authority to offer such perks to foreign companies, as the Bureau of Land Management imposes restrictions on leasing land to foreign entities. Trump’s campaign did not immediately respond to questions Monday night about whether Chinese companies would be excluded from these offers, despite his frequent claims that China is damaging U.S. businesses.

The Republican presidential nominee is expected to outline his plan in Savannah, Georgia, home to one of the nation’s busiest container ports, a key hub for incoming cargo.

This article includes reporting from The Associated Press