Trump said he would reward US-based manufacturers with tax breaks for research and development costs and the ability to write off the costs of heavy machinery in the first year.
He repeated his promise to slash the corporate tax rate from 21 per cent to 15 per cent for companies that make their products in the US.
Trump pledged to appoint a global manufacturing ambassador to convince foreign companies to move to the US. He also said he would create special low-tax, low-regulatory zones on federal lands for American-based manufacturers.
It is unclear what federal lands would be offered to foreign companies under Trump’s plan, or how such an arrangement would work. If land remains in federal hands while foreign companies operate on it, those companies could in theory be exempt from property tax.
Trump has been announcing new economic policies in recent months that his team believes are attractive to working and middle-class voters, including ending the federal taxation of tips and overtime.
Many economists warn that ending such taxes will lower government revenues and explode the federal deficit.
