Republican presidential candidate Donald Trump vowed on Monday to roll back a Biden administration rule limiting pollution from power plants and reiterated his pledge to block Nippon Steel’s planned purchase of US Steel.
In the most detailed economic policy statements made so far during the election campaign, Trump also reiterated his promise to radically restrict foreign access to domestic markets. He said that if he wins the election on November 5, he will ensure that the supply chains for essential goods are 100 percent American.
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He did not elaborate on how he intends to achieve this goal, other than advocating comprehensive measures such as imposing tariffs on other countries.
The former president spoke to a crowd of his supporters in a factory building in the working-class town of York, Pennsylvania.
The speech was the first stop on a tour of swing states this week aimed at diverting the spotlight from the Democratic National Convention in Chicago and slowing the surge of his rival, Vice President Kamala Harris.
Some allies and advisers urged Trump to refrain from personal attacks against Harris – especially broadsides about race and gender – and instead focus on policy issues.
He largely followed that advice on Monday. Trump called Harris a “communist” and denigrated her political views, some of which he misrepresented. He attacked her personally only once, when he insulted her laughter about 45 minutes into the hour-long speech.
Trump indicated in February that he wanted to block the deal between Nippon and US Steel. The potential merger has raised concerns among some union members, a key voting bloc in Pennsylvania and the other swing states of the Rust Belt that are likely to determine the outcome of the election.
“I will stop Japan from buying United States Steel,” Trump said. “They should not be allowed to buy it.” US Steel said in a statement after Trump’s comments that it was “committed to the transaction with Nippon Steel, which is the best deal for our employees, shareholders, communities and customers.”
The company added that the “partnership with Nippon Steel, a long-time investor in the United States from our close ally Japan, will strengthen the American steel industry, American jobs and American supply chains, and improve the competitiveness and resilience of the U.S. steel industry vis-à-vis China.” US Steel shares were on a downward trend and fell following news of Trump’s planned remarks, closing down about 6 percent.
President Joe Biden said in March that it was critical for U.S. Steel to “remain an American steel company, domestically owned and operated.”
Trump also promised to repeal rules released by the U.S. Environmental Protection Agency in April that limit air and water pollution from power plants and aim to reduce greenhouse gas emissions by over 1 billion tons by 2047. The power sector is responsible for nearly a quarter of U.S. emissions.
Greenhouse gas emissions, according to the EPA.
“It is a disaster for our country,” Trump said. “Instead
If we close power plants, we will open dozens and dozens of new ones, and it will happen quickly.”
Trump said his administration would bring more “modern small, modular nuclear reactors” online and he would invoke the Defense Production Act to boost production of critical products.
Although he promised comprehensive tax cuts for families, businesses, social benefits and tips, he announced a drastic reduction in the budget deficit – a statement that is questioned by experts on good governance.
In a brief interview with Reuters following the event, Trump said he would consider repealing a $7,500 tax credit for purchasing electric cars. He also said he would include Elon Musk in his administration if the billionaire was willing.
Musk, CEO of electric car maker Tesla and a vocal Trump supporter, would face a loss in sales if the tax credit were repealed.
Pennsylvania has emerged as one of the most important states in the presidential election, with most polls showing Harris and Trump virtually neck and neck.
(Only the headline and image of this report may have been edited by Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
