Trump promises tax credits for firms that bring jobs back from China

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Trump promises tax credits for firms that bring jobs back from China
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U.S. President Donald Trump on Monday vowed to create 10 million jobs in 10 months, in part by setting up tax credits for U.S. companies that ...

U.S. President Donald Trump on Monday vowed to create 10 million jobs in 10 months, in part by setting up tax credits for U.S. companies that relocate manufacturing facilities to the United States from China.

Trump, seeking to build support ahead of the Nov. 3 election, told supporters during a visit to Mankato, Minnesota, his administration would also strip federal contracts from companies that outsourced work to China."We will create tax credits for companies that bring jobs from China back to America," Trump said during an hourlong speech. He also predicted the U.S.

Trump hailed increased retail sales in recent months. But data released last week showed U.S. retail sales increased less than expected in July as consumers cut back on purchases of motor vehicles. They could slow further in the months ahead amid spiraling new COVID-19 infections and a cut in unemployment benefit checks.

The Republican president, who is trailing Democrat Joe Biden in the polls, said his tax cuts and other measures were strengthening the U.S. economy despite the pandemic.

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