On Thursday, former President Donald Trump reportedly declared in Detroit that he would make vehicle loan interest “fully” tax-deductible if he were to win the election. This policy is in addition to his other significant tax cuts.
In his address to the Detroit Economic Club, Trump declared that the automobile industry would be “revolutionized” by the tax deduction on their payments.
Trump went on to say that his new policy would “make car ownership dramatically more affordable for millions and millions of working American families.”
Trump also reaffirmed his commitment to implement tariffs on car companies that manufacture vehicles outside of the United States during his speech. He argues that this policy would restore employment in cities such as Detroit and Flint, Michigan.
“I want German car companies to become American car companies. I want them to build plants in America. Otherwise, I’d rather not have their cars here,” Trump said.
The former president has prioritized the automobile industry during his numerous campaign visits in Michigan, a critical battleground state in the 2024 election.
“I don’t think anything that we’re talking about today is high on her list. The whole country is going to be like, you want to know the truth? It’ll be like Detroit. Our whole country will end up being like Detroit if she’s your president. You’re going to have a mess on your hands.” Trump continued.
Last month, during his address to Michigan voters, Trump committed that his administration would impose a 200% tariff on vehicles produced outside of the United States.
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