Trump: "Full Tax Deduction on Loan Interest for Cars Produced in the USA"

With the U.S. presidential election just two weeks away, former President Donald Trump has announced a new pledge to include the full interest on car purchase loans for vehicles made in the United States as a tax deduction.

Former U.S. President Donald Trump, the Republican presidential candidate. [Image source=Yonhap News]

According to major foreign media on the 22nd (local time), former President Trump made the announcement during a campaign speech in Greensboro, North Carolina, a southern battleground state, saying, "I don't want other countries to benefit. I want it to benefit us."

He added, "Interest deduction benefits are good, but they only apply if the car is manufactured in the United States," and questioned, "For years, our businesses have been taken away, so why should we pay taxes on cars made in China, Japan, or many other places?" He also said, "I think this pledge will be a big help to Detroit."

However, he did not specify how tax reductions would be applied to foreign automakers such as Volkswagen, Toyota, and Hyundai, which produce millions of cars in the United States.

Major foreign media interpreted former President Trump's pledge as a plan to allow the deduction of interest on car purchase loans during federal tax filing, similar to the deduction for mortgage interest.

Previously, former President Trump had pledged to impose a 60% tariff on Chinese imports and a 100-200% tariff on Chinese cars produced in Mexico.

This content was produced with the assistance of AI translation services.