By Michael Dorgan

Snip

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. as well as tax credits for research and development and fully tax-deductible interest on car loans for small

"Detroit was decimated as if by a foreign army. This was a foreign army invading us, but it was an army of business people, very brilliant business people, that took the candy out of our pockets, just like you take it from a baby. That's how easy it was for them," Trump said.

"[The U.S.] lost nearly 4 million manufacturing jobs after globalist politicians gave us the twin disasters of NAFTA and China’s entry into the WTO," Trump said. "Nearly a quarter of a million jobs were destroyed here in Michigan alone — including 40% of all auto jobs. Factories were left in ruins. Beautiful hotels and theaters crumbled. More than 80,000 homes were abandoned."

He also announced that the Trump-Vance administration will make interest on car loans fully tax-deductible, much like mortgage interest is deductible, so small businesses can afford the work vehicles they need to get the job done. Congress in 1986 repealed the federal deduction for interest paid on auto and other consumer loans as part of a tax reform bill. In September, buyers paid an average interest rate of 7.1% on new cars and 11.2% on used cars, according to car research company Edmunds.

Trump said that China is currently building gigantic auto plants in Mexico with the intention of selling cars produced there in the U.S., "which would destroy Michigan." He threatened to slap huge tariffs on such vehicles.

"I will impose whatever tariffs are required — 100%, 200%, 1,000%. They're not going to sell any cars into the United States with those plants they're building," Trump said.