Trump wants to limit foreign access to domestic markets and ensure a 100% American supply chain
US Steel shares fell 6% after Trump commented on blocking the merger with Nippon Steel
Trump plans to abolish EPA rules limiting pollution from nuclear power plants and increase the number of nuclear reactors
Trump considers eliminating $7,500 electric car tax credit
YORK, Pennsylvania, Aug 19 (Reuters) – Republican presidential candidate Donald Trump vowed on Monday to repeal a Biden administration rule limiting pollution from power plants and reiterated his pledge to (5401.T)opens new tab planned purchase of US Steel (XN)opens new tab.
In the most detailed economic policy statements Trump has made during the election campaign, he also reiterated his promise to radically restrict foreign access to domestic markets. If he wins the election on November 5, he would ensure that the supply chains for essential goods are 100 percent American.
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 addressed a crowd of his supporters in a factory hall in the working-class town of York, Pennsylvania. The speech was the first stop on a tour of swing states this week aimed at taking the spotlight away from the Democratic National Convention in Chicago and slowing the advance 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 shouldn’t be allowed to buy it.”
Following Trump’s comments, US Steel said in a statement that it was “committed to the transaction with Nippon Steel, which represents the best deal for our employees, shareholders, communities and customers.”
Article 1 of 2 Republican presidential candidate and former U.S. President Donald Trump gestures as he holds a 2024 campaign rally in Wilkes-Barre, Pennsylvania, U.S., August 17, 2024. REUTERS/Jeenah Moon/File Photo
(1/2)Republican presidential candidate and former U.S. President Donald Trump gestures as he holds a 2024 campaign rally in Wilkes-Barre, Pennsylvania, U.S., August 17, 2024. REUTERS/Jeenah Moon/File Photo Purchase Licensing rightopens new tab
The company added: “Partnering with Nippon Steel, a long-time investor in the U.S. from our close ally Japan, will strengthen the American steel industry, American jobs and American supply chains, and increase the competitiveness and resilience of the U.S. steel industry vis-à-vis China.”
US Steel shares were on a downward trend and fell after news of Trump’s planned remarks became known, closing down about 6 percent. President Joe Biden said in March that it was critical for US Steel to “remain an American steel company, domestically owned and operated.”
Trump also promised to repeal regulations published in April by the U.S. Environmental Protection Agency (EPA) that limit air and water pollution from power plants and are designed to reduce greenhouse gas emissions by over a billion tons by 2047. According to the EPA, the power sector is responsible for nearly a quarter of greenhouse gas emissions in the United States.
“This is a disaster for our country,” Trump said. “Instead of closing power plants, we’re going to open dozens and dozens of new ones, and we’re going to do it fast.”
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 eliminating a $7,500 tax credit for purchasing electric vehicles. He also said he would include Elon Musk in his administration if the billionaire was willing. Musk, the CEO of electric car maker Tesla (TSLA.O),opens new tab and a vocal supporter of Trump, would suffer a loss of revenue 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.
In a sign of the state’s importance, Trump campaigned in the Northeast over the weekend while Harris traveled in the West. On Monday, Trump’s running mate, Senator JD Vance, addressed his supporters in Philadelphia.
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Reporting by Gram Slattery and David Shepardson; Editing by Jonathan Oatis, Lisa Shumaker and Deepa Babington
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Washington-based campaign and congressional correspondent. Previously based in Rio de Janeiro, Sao Paulo and Santiago, Chile, he has reported extensively across Latin America. Co-winner of the 2021 Reuters Journalist of the Year award in the business reporting category for a series on corruption and fraud in the oil industry. Born in Massachusetts, he graduated from Harvard College.
