Trump proposes increased R&D tax credits and plans to name a "manufacturing ambassador."

• At a rally in Savannah, Georgia, Donald Trump presented new manufacturing proposals to strengthen his economic stance as Vice President Kamala Harris prepares to unveil her own policy rollout.
• Trump announced that he would provide U.S.-based manufacturers with a first-year tax deduction for all R&D expenses, reversing a significant aspect of his 2017 tax legislation.
• If he wins a second term in the White House, the former president also stated that he would appoint a specialized "manufacturing ambassador."

At a rally in Savannah, Georgia, on Tuesday, former President Donald Trump presented new manufacturing proposals, aiming to strengthen his economic message as Vice President Kamala Harris prepares to unveil her own policy initiatives.

The Republican presidential candidate stated that if elected, he would offer U.S.-based manufacturers increased research and development tax credits, enabling businesses to fully deduct the cost of heavy machinery and other equipment in the first year.

The proposed plan would reinstate a significant aspect of Trump's 2017 Tax Cuts and Jobs Act, which eliminated traditional R&D tax credits.

In 2022, businesses were no longer able to deduct their R&D expenses immediately. Instead, they had to spread the costs over five years and then claim a deduction for that amount, which often reduced the tax benefits.

On Tuesday, Trump's proposal seemed to reverse the provision of the TCJA regarding full expensing, as he stated, "You're going to get full expensing. In other words, you have a one-year write off."

Trump stated that if he gets reelected, he would appoint a "manufacturing ambassador" to persuade major manufacturers to relocate back to the US.

Trump intensified his tough stance on trade by stating that he would impose a "100 or 200% tariff" on cars imported from Mexico.

In the 42 days leading up to the Nov. 5 election, Trump is focusing on improving his economic standing, while Harris is enhancing her own platform and attempting to portray her Republican opponent in a negative light.

On Tuesday, the Harris campaign had a call with billionaire investor Mark Cuban and Teamsters National Black Caucus Chair James Curbeam, during which they criticized Trump's economic plan.

""The Vice President carefully considers her policies with her team, unlike the Republican nominee who impulsively says what he believes the crowd wants to hear," Cuban stated."

Criticism of Harris's aggressive approach to regulating corporations has been raised by economists and the business community.

Cuban on Tuesday worked to assuage some of corporate America's concerns.

For instance, he contended that Harris' proposed corporate tax increases would alleviate the strain on businesses compared to Trump's comprehensive tariffs. Moreover, he stated that he does not anticipate a Harris administration imposing stringent regulations on cryptocurrencies.

"I think she's better for business," said Cuban.

On Wednesday, Harris will unveil new economic policy proposals in a speech in Pittsburgh.