Trump's Jobs Plan: 'Renegotiate NAFTA and Not Sign TPP'

Susan Jones | August 3, 2016 | 6:06am EDT
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Republican presidential candidate Donald Trump speaks during a campaign rally at Briar Woods High School, Tuesday, Aug. 2, 2016, in Ashburn, Va. (AP Photo/Evan Vucci)

( - "The biggest job-providing program would be to renegotiate NAFTA (North American Free Trade Agreement) and not sign TPP (Trans-Pacific Partnership), where they're going to take all the jobs out of this country," Republican presidential nominee Donald Trump told Fox News on Tuesday.

"But my plan is, renegotiate NAFTA, make it either good or get out of NAFTA. I want to bring our jobs back, I want to make it very hard for companies to leave our country, because they're fleeing."

Trump told Fox News's Stuart Varney he knows that even more U.S. companies are planning to leave the U.S. for Mexico, and he wants to stop that:

"As you and I are talking this morning, companies are negotiating in Ohio -- I know one, as an example -- but in Ohio and Pennsylvania, and in Michigan, to leave and to go to Mexico, which is booming. Mexico is booming.

"You know, Stuart, I say this very quickly to you, but I have a friend who builds plants. That's all he does, he builds plants. One of the biggest in the world. He said, you have to see what's going on in Mexico. We're building the biggest, most incredible plants in the world. I said, how are you doing in the United States? He said, not so much."

Varney noted that Democrat Hillary Clinton's jobs plan involves a $275-billion investment in the nation's infrastructure. "She says that would create good paying jobs and good wages too," Varney told Trump. "She says she has the biggest job creation program since World War II."

Trump said Clinton's plan requires a big tax hike: "Hillary's going to raise taxes very, very substantially. She's going to have one of the biggest tax increases ever, and I'm doing the biggest tax decrease. So, of all of the people running, including Republicans and Democrats, mine is the biggest (decrease).

"We're bringing rates down to 15 percent, we're bringing them even lower for individuals, and of everybody running, we have the biggest -- we're going to spur growth, tremendous growth. We're going to get rid of the complexity of the tax code. It's ridiculous what's going on now, where people making not even a lot of money have to go and spend $500 to see H&R Block or somebody. It's absolutely insane.

"So, we're simplifying the tax code, reducing -- we're the highest or just about the highest taxed nation in the world. I'm bringing taxes way down, I'm bringing business taxes way down. I'm going to make it possible for companies to take their $2.5 trillion back and bring it to this country, which right now it's prohibited, they can't do it.

"We have a great plan, and we are going to rebuild our infrastructure, because without -- and by the way, her number is a fraction of what we're talking about. We need much more money than that ($275 billion) to rebuild our infrastructure, our roads."

Trump said his infrastructure investment would be at least twice as big as Clinton's.

"Where does the money come from?" Varney asked.

"We're going to go out with a fund, we'll get a fund, we'll make a phenomenal deal with the low interest rates, and we're going to have to rebuild our infrastructure. We have no choice," Trump said.

Varney asked again, "Who would put money into that fund?"

"People, investors," Trump replied. "People would put money into the fund. The citizens would put money into the fund. And we will rebuild our infrastructure with that fund and it will be a great investment and it's going to put a lot of people to work. We need jobs, because if you look -- the real (unemployment) number is not 5 percent. It's probably closer to 20 percent. Because people have given up looking for jobs. We need jobs. We need jobs. You look at the inner cities of our country, I mean, you have black unemployment, youth, 58 percent unemployment. Nobody's ever seen numbers like this."

Trump said he would sell "infrastructure bonds" to investors.

"We have to fix our infrastructure. But we have to fix it without cost overruns. We have to get it done properly. Like I'm building the old post office on Pennsylvania Avenue. We're under budget and ahead of schedule by over a year. That's the way we have to build.

"You can't have -- I just left an area where they have a VA hospital that has a $1.2 billion cost overrun, OK, and it's still under construction. They don't know what's happening. They've totally lost control of it. It's a VA hospital. 1.2 billion in cost overruns. It's ridiculous. The whole thing should have been built for just a fraction of what they're talking about for the cost overrun. So nobody can build better than I can. Nobody knows construction better than I can. I have great relationships with the people that are going to do the work, and they have the wrong contract system. They have a system that inspires cost overruns, and we can't do that."

Trump said his tax-cutting plan and infrastructure fund would give the nation "better than 4 percent growth" as companies that fled the U.S. returned with their trillions of dollars.

"They're leaving because taxes are too high," Trump said. "But they're also leaving to get the money. They can't bring the money back in. So they have money outside of the country, they're leaving to get their money because they can't bring it in. Just bringing that money in will be tremendous, tremendous."

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