tv Fast Money Halftime Report CNBC August 8, 2016 12:00pm-1:01pm EDT
captain and the team coach of u.s. men's rugby, which is coming back as an olympic sport for the first time since 1924. we'll watch detroit. for now over to headquarters, scott wapner and the "half." carl, thanks so much. welcome to the "halftime report." i'm scott wapner. we begin with breaking news this hour. republican presidential nominee donald trump laying out his economic agenda today at the economic club of detroit. we will take you there live once mr. trump takes the lectern. we do expect details on taxes, trade, energy and regulatory reform among other issues. our john harwood is there. and our senior economics reporter alongside us today. he, of course, is steve liesman. we know, steve, that this is being billed as donald trump laying out his economic vision, parts of the plan have already been put forward. it's a chance for him, obviously, to change the
narrative of what has been a rough campaign over the last week or so, but some have already viewed this plan and have come back with what it will ultimately mean for the economy, including mark zandi. >> i want to start with your overall assessment, which is vision. i think wall street is ready to go beyond vision. i think wall street is ready for numbers. we don't have the numbers. what we have has been dissatisfying. we have both the tax foundation and zandi from moodys.com, assessing the cost this at $10 trillion. they come to two different conclusions about the benefits. zandi says recession is the result of this plan. tax foundation says more growth, more jobs, still a very large deficit. and part of the difference in the conclusion las to do with the lack of numbers and specificity. we don't know, for example, about this issue of him doubling the infrastructure spending. larry kudlow on "squawk box" said he's going to roll that
back, tweaking. now expectation of detail to more vision, more outline, for whatever you want to call t. john harwood does that mean we're not going to get the kind of numbers that steve liesman and the economists and maybe some on wall street want today? >> well, scott, we're going to have to wait and see what comes out of donald trump's mouth, because last night his aides were telling me, no, we're not going to have new details on taxes, new details on deficit impacts, but larry kudlow on our air just a few minutes ago, an informal adviser to donald trump said that donald trump is going to say in this speech that his top income tax rate is not going to be 25% which is what he proposed last september, but said 33%. now, if that's the case, then the deficit numbers will be smaller. the deficit impacts smaller. so i don't know if there's disagreement within the campaign about what he's going to say, and we'll find out shortly. >> yeah. >> let me say, steve.
>> okay. >> for all watching, the program has clearly begun at the detroit economic club and once we do see mr. trump in a matter of moments we're going to take you there live. i'll get new a second, steve, but, john, forget numbers for a moment. simp lip to the extent that the trump campaign wants to change the narrative and the focus to get it back more on substance and also to counter falling poll numbers, how successful will mr. trump have to be today to do that? >> i think he's in a very difficult spot for this reason -- i think that you had a democratic convention, which was portraying him in a very negative way on a personal basis. his temperament, his judgment, his ability to handle the job as president. he, then, with a series of actions last week, seemed to demonstrate those problems, flaws. now, none of those had anything to do with policy. it's about trump as a person. now, if he can talk in a sober
fashion about policy, then he's not highlighting the personal flaws that have turned so many americans away from him. you know, 60% of the american people in our nbc wall street journal poll say he doesn't have the temperament to be president. so that would be a step forward. not sure that policy detail is where he wins the election, but by taking away the other stuff, at least it's a benefit. >> we do expect that he's going to read the teleprompter as they have in our business today nap may help him at least stay on what the message is supposed to be today. steve liesman, you were saying? >> point out earlier, john, 33% is paul ryan's number from his house plan. so that raises the question whether or not he's going adopt other aspects of it, which is more deficit, i don't know if it's neutral, more deficit friendly i think is the way to think about it. john what are you hearing in terms of the growth side of this thing? are they out there making claims
about growth? because, look, we have two different constituencies in the public and they may do fine with trump vision. talk about our constituency here on cnbc, they want numbers, want to know how to invest, what the upside or downside is here. >> i haven't seen numbers, bhaut they' but what they're saying, improve on the weak gdp growth we've had the last few years. so, you know, among the growth -- oriented policies that he may add here, again, larry kudlow is describing certain things that i'm sure larry is for. don't know whether the candidate is going to be for it. things like immediate expensing of business investment. that's pro-growth. other people, steve forbes talking this morning about border adjustments on business taxation, to spur exports, and tax imports. don't know whether we're going to get any of that detail, but those are things that
pro-growth, supply side advocates as larry has been for such a long time, are pushing him to do, but not sure exactly what he's going to articulate. >> one of the other issues, john, is, maybe it's a hurdle of some sort for the trump campaign, is that speeches like this and laying out an economic vision and maybe criticizing what the current state of the economy is, it comes at a backdrop that we watched today where the s&p 500 hits a record high yet again on the heels of the jobs report that had blowout numbers, where the unemployment rate itself fell back down to 4.9%. >> obviously, this is a difficult aspect of the republican argument. they've been trying to say throughout the obama presidency that obama care is killing jobs, that obama's policies are harming the economy, but we've seen the deficit come down. we've seen unemployment come down, job growth continue.
14.7 million jobs have been added in the private sector shins since obama care was signed. that make it is a difficult argument. republicans are shifting to growth which has been slow harks been weak harks been tepid, and trying to make their argument there, but the actual economic light, americans have lived it, is different for a lot. not for everyone. certainly trump's base, those non-college educated voters, have seen their economic prospects stagnate and look pretty bleak. a lot of others benefited in this economy. >> john, there are many parts of this plan that we already know. i should say, there is one new item on the list and that is to make all child care expenses deductible. maybe we'll hear a little bit more about that today. one thing that jumped out to me once you went down this laundry list of details for the trump
economic plan is the no new, or the moratorium on new regulations, especially as it relates to the banks, and politically it jumped out to me that as the trump campaign tries to woo disgruntled, disenfranchised sanders' voters, i wonder how that is going to play for a base that would be at odds in every which way on a moratorium on new regulations on the banks? how do you they will play? >> well, scott, that's a good point, on a couple of levels. first of all, donald trump has been trying to argue that hillary clinton is crooked hillary and in the pocket of wall street. to then, at the same time, say, no new regulations, and get rid of dodd/frank, those two things don't go together. secondly, they -- are certainly not going to be appealing to those sanders voters. in fairness, it's not going to make much difference, because the sanders voters
overwhelmingly are lining up behind hillary clinton. they are not going to go in any significant numbers for donald trump. too much cultural gap in terms of the kind of people we're talking about who supported bernie sanders and the one whose support the donald trump. so that is problematic for him. but, you know a moratorium on regulations is something that always sounds good, but that is not as -- doesn't seem to add much to the conversation when you consider that donald trump's already been for repealing obama care, repealing dodd/frank, getting rid of the obama climate regulations. those are the dominant regulatory steps he's going to take, which is where we are, and move it back to pre-obama. the regulation on moratoriums seems to me to be of lesser importance compared to those things. >> i'd like steve to get your take on the trump team. we've heard from our own larry kudlow, an advisory role in the campaign of some sort, but when you look at names on the list of the economic teams, names very
familiar, by the way, to all of you watching to our traders and certainly the wall street community, david melpass, harold hamm, tom barracks, steve ma noochen, stephen moore. how would you sort of characterize the kind of economic vision that they bring to the table, maybe one in which mr. trump will go into more detail on today? >> well, i can tell you what a lot of economists are talking about. it's the last of economists on the usually -- when you want to create economic policy you put together policy people. now, i know david melpass, known him many years. peter navara has a decent reputation but not the guys to lean on to create a sweeping policy that changes -- >> there are cynics saying that's a good thing. >> a good thing, fine, but on the other hand, this other kit simple, one is the incredible uniformity of the kind of people that are there. that's the one thing. the other, though, is the idea that there are all sort of wall street and donors, which undercuts a big part of the
argument getting right at what you were talking about. i read a story this morning five of the members there are relatively big donors. and maybe john knows more about that. that's separation from wall street and the criticism on hillary clinton he's been getting. >> a good pivot to go through the view of wall street. do through that the prism of those sitting here at the table. joe terranova, and others as we pate for mr. trump to take the lectern. josh, your view how you view avents like this, how wall street should be thinking about this economic agenda and this vision? >> so it's tough to say what proposals are seriously going to be pushed and which won't. which ones will be non-starters when it comes time to deal with congress, which the last president has essentially been unable to do. and from an investor's perspective i really don't think the smart thing is to get caught up on any one specific, whether
it's repatriation or lowering the top tax rate. i think it's better to just consider where the similarities are between the two candidates and there are several infrastructure being one. the second one being eliminating the carried interest, tax loophole and then you've got things out on the other thing to pull spectrums that are probably unlegalistic. >> the vice presidential nominee mike pence now at the lectern. it peers we' appears we're gett to hearing from mr. trump himself. we'll take you there live, i've said several times already. steve, your thoughts? >> these speeches are directional and positional. by that i mean don't expect much of this to actually become reality. we're going to have a congress that again will be divided. whoever's elected, i don't foresee a lot getting done. so this is just a way of separating his position, even further, from hillary clinton's, and getting back on message. so it's just publicity.
it's advertising. it's whatever you want to call it for, here's where i am, here's what i'm about, here are the issues that i'm supporting. so i'm not alarmed by the lack of detail. i'm looking at it saying, okay, here's what he's pointing out as important, and if he had his way, here's where he'd go. of course, they're all too expensive, as are hillary clinton's all too expensive, and unrealistic. so for me, it's purely directional. >> from a market perspective, listen, the conversation surrounding growth, we've had growth the better part of six years, yet from equity pricing and fixed income pricing the markets rallied. i'm not necessarily solely focused on that. i do believe a conversation around financial regulation is a good conversation. and does that maybe take hillary clinton's positions and bring that to a more moderate position? talk to any bank ceo and the reason why they are hoarding so much xaept because capital is b
financial regulation. introduce it to the presidential election conversation to me is a good one. >> scott, i see a lot that is pro--growth in this program put forth. namely tax cuts, but one big problem with it. most what he's doing sticking with the trump style of hurling thunder bolts from on high. particularly the way his international reses are proposed in this. he says he's going to negate the paris climate accords and refuse to pay anymore money towards u.n. global warming initiatives's i'm not taking a stance other than to say that is thumbing the nose at the international community, as is re-working nafta and forgoing the trans-pacific partnership. what my tern is, is for all the pro growth he's promoting, we still have this trump which is very belligerent and the markets don't like the bomb basty of his style. >> and members of the campaign and the chair even of the trump
campaign saying earlier they're confident they can use events like this to refocus the overall campaign and even go as far as to begin to change the narrative, events like this are critically important today. especially when you do have what i said is a teleprompter and enabling mr. trump to stay on message. >> well, you've got to start somewhere, and donald trump is down, depending on the poll you look at, eight, nine, ten points. that's a very large margin in american presidential politics and he doesn't have any singular moments to change perspective of him. this speech is one thing but not on the scale of what happened at the conventions. not on the scale of the debates. the first debates, late september is going to be probably his next chance to change how people view him in a large-scale way. one addendum on the issue of carried interest, trump wanting to get rid of carried interest like hillary clinton does. the big difference, because
donald trump would take the top rate down to 25% and have the cap gains rate at 20%, there's very little spread, and as result of that, the carried interest discussion doesn't matter very much. in fact, that small tax increase that you would get would be dwarfed by the reduction in the top rate from 30% to 25%. so carried interest becomes less important in that scenario. >> john, donald trump is taking the lectern now. let's listen to the republican presidential nominee. >> thank you, everybody. thank you very much. [ cheers and applause ] thank you. such a crowd. beautiful. thank you very much. thank you. thank you. please -- thank you for the invitation to speak to you today. it's wonderful to be in detroit.
been here many times. we now begin a great national conversation about economic renewal for america. it's a conversation about how to make america great again, for everyone, especially, and i say especially, for those who have the very least. the city of detroit is where our story begins. detroit was once the economic envy of the world. the people of detroit helped to power america to its position of global dominance in the 20th century.
[ cheers ] thank you. thank you very much. when we were governed by the america first policy, detroit was absolutely booming. engineers, builders, laborers, shippers and countless others went to work each day provided for their families and lived out totally, lived out, the american dream. but for many, living in this city, that dream has long ago vanished, when we abandoned the policy of america first. we started rebuilding other countries instead of our own. the skyscrapers went up in beijing and many other cities around the world, while the factories and neighborhoods crumbled right here in detroit.
our roads and bridges fell into disrepair, yet we found the money to resettle millions of refugees at taxpayer expense. today detroit has per capita income of under $15,000. about half of the national average. 40% of the city's residents live in poverty. over 2.5 times the national average. the unemployment rate is more than twice the national average. half of all detroit residents do not work. detroit tops the list of the most dangerous cities in terms of violent crime.
[ cheers and applause ] >> thank you. thank you. thank you. detroit tops the list of most dangerous cities in terms of violent crime. these are silenced victims whose stories are never told by hillary clinton. but victims who are suffering, it is no less real or permanent. in short, the city of detroit is the living, breathing example of my opponent's failed economic agenda. [ cheers and applause ] every policy that has failed the city and so many others is a policy supported by hillary clinton. she supports the high taxes and
radical regulation that forced jobs out of your community, and the crime policies have made you far, far less safe, and the immigration policies that have strained local budgets and the trade deals like nafta signed by her husband that have shipped your jobs to mexico and other countries, and she supports the education policies that deny your students' choice, freedom, and opportunity. she is the candidate of the past. ours is the campaign of the future. [ applause ] this is a city controlled by democratic politicians at every level. and unless we change policies,
we will not change results 100%. today i will outline my economic vision. in the coming weeks, we will be offering more detail on all of these policies, and the ones we have already rolled out -- [ cheers and applause ] thank you, everybody. this is what happens when you go from 35 people to close to 2,000 people, i guess. in the coming weeks we will be offering more detail on all of these policies, and the ones we
have already rolled out can be viewed on my campaign website. our opposition on the other hand has long ago run out of ideas. all hillary clinton has to offer is more of the same, more taxes, more regulations, more bureaucrats, more restrictions on american energy and on american production. more of that. if you were a foreign power looking to weaken america, you couldn't do better than hillary clinton's economic agenda. [ applause ] nothing would make our foreign adversaries happier than for our country to tax and regulate our companies and our jobs right out of existence. the one common feature of every hillary clinton idea is that it
punishing you for working, and doing business in the united states. [ applause ] every policy she has tilts the playing field towards other countries at our expense, and that's why she tries to distract us with tired, political rhetoric that seeks to label us, divide us and pull us apart. my campaign is about reaching out to everyone as americans d returning to a government that puts the american people first. [ cheers and applause ] thank you.
thank you. here is what an america first economic plan looks like. first, let's talk tax reform. taxes are one of the biggest differences in this race. hillary clinton who has spent her career voting for tax increases plans another massive job-killing 1.3 trillion dollar tax increase. big increase. one of the biggest ever. her plan to tax many small businesses by almost 50%. recently at a campaign event, hillary clinton short circulated -- you know this. you've heard this one. hillary clinton short-circuited again to use a now famous term when she accidentally told the truth and said that she wanted to raise taxes on the middle class.
i am proposing an akrocross
the board tax cut. leading to new and really good paying jobs. the rich will pay their fair share but no one will pay so much that it destroys jobs or undermines our ability as a nation to compete. as part of this reform, we will eliminate the carried interest deduction -- thank you. as part of this reform, we will eliminate the carried interest
deduction, well known deduction, and other special interest loopholes that have been so good for wall street investors and for people like me, but unfair to american workers. tax simplification will be a major feature of the plan. [ applause ] our current tax code is so burdensome and complex that we waste 9 billion hour as year in tax code compliance. my plan will reduce the current number of brackets from seven to three, and dramatically streamline the process. [ applause ] we will work with house republicans on this plan using the same brackets they have proposed. 12%, 25% and 33%.
for many american workers, their tax rate will be zero. while we will develop -- [ cheers and applause ] while we will develop our own set of assumptions and policies, agreeing in some areas but not in all or in others, we will be focused on the same shared goals and guided by the same shared principles. jobs growth and opportunity. these reforms will offer the biggest tax resolution since the
reagan tax reform which unleashed years of continued economic growth and job creation. we will make america grow again. [ cheers and applause ] in the days ahead we will provide more details on this plan, and how it will help you, and most importantly, your family. it will present a big contrast to the job-killing, tax-raising, poverty-inducing obama-clinton agenda. so important. the state of new york has already lived through hillary clinton's failed leadership.
"the washington post" just published today a devastating article on hillary clinton's broken promises. she pledged 200,000 jobs for upstate new york when she was a senator. but what happened? what happened? "the washington post" writes -- and i quote -- upstate job growth stagnated overall during her tenure with manufacturing jobs plunging record-setting levels. plunging. nearly 25%. the former first lady was totally unable to pass big ticket legislation. many promised jobs, they were all promised. i remember it so well. vote for hillary, she'll bring back your jobs. many promised jobs, never materialized, and others
migrated to other states. she turned her first presidential run, which also was a disaster. [ cheers and applause ] >> thank you. thank you. data shows that upstate actually lost jobs. a lot of them. during clinton's first term. in other words, she was all talk, no action, upstate new york, a disaster. it's a disaster, what's happened to upstate new york, and nafta, which her husband signed, is a very, very big reason. compare that to my record.
in a recent "new york post" article by steve quaza, how donald trump helped save new york city. the paper writes that i -- and this is a direct quote. in other words, it's not from me -- [ applause ] thank you. thank you. all very well planned out. and this is a direct quote that basically donald trump waded into a landscape of empty fifth
avenue. the dust ball mugging ground that was central park, so dangerous, and a wall street area seemingly on its last legs as companies moved out. then almost by sheer force of will, he rode to the rescue, expressing rare faith in the future, he was instrumental in kickstarting the regeneration of neighborhoods and landmarks, almost giving up on for dead. true. i have to say i didn't say it. they say it. it's true. this is what i want to do --
they'll remember new york city was a disaster. we made it great. we made it great. this is what i want to do -- thank you. this is what i want to do for our country. i want to jump-start america. and it can be done. and it won't even be that hard. [ cheers and applause ] now let's look at what the obama-clinton policy has done nationally. their policies produced 1.2% growth. the weakest so-called recovery since the great depression. above all others, it's a disaster. and a doubling of the national debt during the obama years. there are now 94.3 million americans outside of the labor force.
it was 80.5 million when president obama took office. an increase of 14 million people. the obama-clinton agenda, tax, spend and regulate has created a silent nation of jobless americans. home ownership is at its lowest rate in 51 years. >> thank you very much. thank you. i will say the bernie sanders
people had far more energy and spirit. i will say. nearly 12 million people have been added to the food stamp, and these people are growing and growing so rapidly. since president obama took office, another nearly 7 million people, great americans, are right now living in poverty. poverty. okay? poverty. we have the lowest labor force participation rates in four decades. 58% of the african-american youth are either outside of the labor force or not employed. one in five american households do not have a single member in the labor force. not a single member of the
households. these are the real unemployment numbers. the 5% figure is one of the biggest hoaxes in american modern politics. [ applause ] meanwhile, american households are earning more than $4,000 -- this of that -- $4,000 less today than they were 16 years ago. the average worker today pays 31.5% of their wages to income and payroll taxes, on top of that, state and local taxes consume another 10%. very grim picture. the united states also has the highest business tax rate among
the major industrialized nations of the world at 35%. it's almost 40% -- it's almost 40% when you add in taxes at the state level and in many cases and many states it's much higher than that. in other words, we punish companies from making products in america, but let them ship products into the united states tax-free if they move overseas. this, ladies and gentlemen, is backwards. this is backwards. all policies should be geared
for keeping jobs and wealth inside of the united states. [ applause ] under my plan, no american company will pay more than 15% of their business income in taxes. in other words, we're reducing taxes from 35% to 15%. [ cheers and applause ] thank you. thank you. small businessless benefit the most from this plan. hillary clinton's plan will require small business to pay as much as three times more in
taxes than what i'm proposing. and her owners regulations will put them totally out of business, and you won't be able to start. you cannot ever start a small business under the tremendous regulatory burden that you have today in our country. going to end it. i am going to cut regulations massively. massively. our lower business tax will also end job-killing corporate inversions and cause trillions in new dollars in wealth to come pours into our country, and, by the way, into cities like right here in detroit. [ cheers and applause ]
to help unleash this new creation we will allow new business investments. no one will gain more from these proposals than low and middle-income america. my plan will also reduce the cost of child care by allowing parents to fully deduct the average cost of child care spending from taxes. we are also going to bring back trillions of dollars from american businesses that are now parked overseas, they can't bring their money back into our country. our plan will bring that cash home, applying only a 10% tax.
this money will be reinvested in states like michigan. states like michigan. which are having serious problems. finally, no family will have to pay the death tax. american workers -- [ cheers ] american workers have paid taxes their whole lives, and they should not be taxed again at death. it's just plain wrong, and most people agree with that. we will repeal it. next comes regulatory reform. as with taxes, i will have one overriding goal when it comes to regulation. i want jobs, and i want wealth to stay in america. [ cheers and applause ]
motor vehicle manufacturing is one of the most heavily regulated industries in the country, and even in the world. the u.s. economy today is 25% smaller than it would have been without the surge of regulations since 1980. it is estimated that current overregulation is costing our economy as much as $2 trillion a year. that's money taken straight out of cities like detroit. so many of our cities are suffering so gravely, right out of detroit. the federal registry is now over 80,000 pages long. as the "wall street journal" noted, president obama has issued close to 400 new major
regulations since taking office. each with a cost to the american economy of $100 million or more. in 2015 alone, the obama administration unilaterally issued more than 2,000 new regulations, each a hidden tax on american consumers, and a massive lead weight on the american economy. it is time to remove the anchor dragging us down, and that's what it's doing. it's dragging us down. [ cheers and applause ] upon taking office, i will issue a temporary moratorium on new agency regulations. my running mate, mike pence -- and by the way, a great guy --
signed -- [ cheers and applause ] signed a similar order when it came and became, and when he worked so hard in indiana as its governor. this will give our american companies the certainty they need to reinvest in our community. get cash off of the sidelines, start hiring new jobs, and expanding their businesses. so important. that's what it's about. [ applause ] i will also immediately cancel illegal and overreaching executive orders. next, i will ask each and every federal agency to prepare a list of all of the regulations they
imposed on americans which are not necessary. do not improve public safety, and which needlessly kill many, many jobs. those regulations will be eliminated quickly. we are in a complication with the world, and i want america to win. we don't win anymore, but when i am president, we will start winning again. big league. one of the most important reforms of all is trade reform. as bernie sanders has said, hillary clinton has bad judgment. he said it many times. we've seen this bad judgment overseas in libya, iraq, and
syria. we've seen it in iran. we've seen it from president obama, when he gives $150 billion to iran, the number one terrorist state, and even gives them $400 million in money laundered cash as a ransom payment. but we've also seen the terrible obama-clinton judgment, right here, for everybody to see in detroit. hillary clinton has supported the trade deals stripping this city and this country of its jobs and its wealth. she supported bill clinton's nafta. she supported china's entrance into the world trade organization. she supported job-killing trade deals and that was a really bad one with south korea, and she supports the trans-pacific partnership. not now, but very soon if she
wins, and we can't let her win, because that will be a disaster for detroit and everybody else. [ applause ] let's talk about south korea for a moment. because it's perfectly, and it just perfectly illustrates the broken promises that have hurt so many american workers. president obama and the usual so-called expert who has been wrong about every trade deal for decades predicted that the trade deal with south korea would increase our exports two south korea by more than $10 billion. resulting in some 70,000 jobs. like hillary clinton's broken promises to new york, these pledges all turned out to be false. instead of creating 70,000 jobs it has killed nearly 100,000
jobs. according to the economic policy institute. our exporting to south korea haven't increased at all, but their imports to us have surged more than $15 billion, more than doubling our trade deficit with that country. what else is new? it's happening with everyone. the next pea trayal will be the trans-pacific partnership. hillary clinton's closest friend, teary mcauliffe, confirmed what i've been saying, and this is from the beginning. if sent to the oval office, hillary clinton will enact the tpp. as sure as you're sitting here. her donors will make sure of it. a vote for hillary clinton is a vote for tpp, and it's also a vote for nafta. our annual trade deficit in goods with mexico has risen from
close to zero -- think of it -- close to zero in 1993 to almost $60 billion today. our total trade deficit in goods hit nearly $800 billion last year. total trade deficit almost $800 billion. this is a strike at the heart of michigan and our nation as a whole. according to the bureau of labor statistics, before nafta went into effect, there were 285,000 auto workers in michigan. today, that number is only 160,000 auto workers. detroit is still waiting for hillary clinton's apology. she has been a disaster. obama has been a disaster. i expect detroit will get that apology around the same time
hillary clinton turns over the 33,000 e-mails she deleted. [ applause ] hillary clinton's transpacific partnership will be an even bigger disaster for the auto industry, believe me, even bigger, and even worse than nafta. in fact, ford motor company announced its opposition to the deal. according to the economic policy institute, the u.s. trade deficit with the proposed tpp member, all of the member countries, has cost over 1 million manufacturing jobs in the year 2015. 1 million jobs. by far, the biggest losses occurred in motor vehicles and parts, which lost nearly 740,000 manufacturing jobs. what are we doing?
michigan ranks first for jobs lost as a share of state workforce due to the trade deficit with tpp members. just imagine how many more automobile jobs will be lost if the tpp is actually approved. it will be catastrophic. that's why i have announced we will withdraw from the deal before that can ever, ever, ever happen. hillary clinton will never withdraw from tpp. she has bought, controlled and paid for by her donors and special interests. 100%. [ applause ] because my only interest is the american people, i have previously laid out a detailed
seven point plan for trade reform available on my web site. it includes strong protections against currency manipulation -- big problem. tariffs against any countries that cheat by unfairly subsidizing their goods, and it includes a total renege oceaniation re-negotiation and if we don't get a better deal, we will walk away. at the center of my plan is trade enforcement with china. this alone could return millions of jobs into our country. china is responsible for nearly half of our entire trade
deficit. they break the rules in every way imaginable, including militarily. china engages in illegal export, currency manipulation, and rampant theft of intellectual property. it's out of control. they also have no real environmental or labor protections, further under cutting american workers, totally undercutting our workers. just enforcing intellectual property rules alone could save millions and millions of american jobs. [ applause ] according to the u.s. international trade commission, improved protection of america's intellectual property in china would produce more than 2
million more jobs right here, right now, in the united states. add that to the same jobs from cracking down on currency cheating and product dumping and we will bring trillions of dollars in new wealth and wages back to our country, the united states of america. thank you. [ applause ] so simple. so simple. trade has big benefits. thank you. trade has big benefits, and i am in favor, totally in favor of trade. but i want trade deals for our country that create more jobs and higher wages for american workers. isolation is not an option.
thank you, thank you. isolation is not an option, only great and well-crafted treat deals where we as a country once benefit instead of being on taken advantage, instead of being taken advantage of, we are going to benefit and our workers are going to benefit or we're not going to make those deals. also critical to our economic renewal will be energy reform. the obama-clinton administration has blocked and destroyed millions of jobs through their antienergy regulations while raising the price of electricity
for both families and businesses. as a result of recent obama epa actions, coal-fired plants across michigan have either shut down entirely or undergone expensive conversions making them noncompetitive in many cases. the obama-clinton war on coal has cost michigan over 50,000 jobs. hillary clinton says her plan will put a lot of coal companies and coal miners out of business. we will put our coal miners and our steelworkers back to work where they want to be. clinton not only embraces president obama's job-killing energy restrictions but wants to expand them, including going after oil and natural gas production that employs some 10
million americans. according to the heritage foundation, by 2030, think of that, 2030, the obama-clinton energy restrictions will eliminate another half a million manufacturing jobs, reduce economic output by $2.5 trillion and reduce incomes by $7,000 per person. a
trump administration will end this war on the american worker and unleash an energy revolution that'll bring vast new wealth to our country. according to the insurance institute for energy research, lifting the restrictions on all sources of american energy will do the following. increase gdp by more than $100 billion annually, add over 500,000 new jobs annually, and
increase annual wages by more than $30 billion over the next seven years. [ applause ] additionally, it will increase federal, state, and local tax revenue by almost $6 trillion over four decades. increase total economic activity by more than $20 trillion over the next 40 years. the reforms i have outlined today are only the beginning. when we reform our tax, trade, energy, and realtory policies, we will open a new chapter in american prosperity, which is so desperately needed. we need a new chapter. we can use this new wealth to rebuild our military, which is
desperately needed and our infrastructure. as part of this new future, we will also be rolling out proposals to increase choice and reduce cost in childcare, offering much-needed relief to american families. they're suffering. they're suffering. we're going to get them this much-needed relief. i will unveil -- [ applause ] -- thank you -- i will unveil my plan on this in the coming weeks that i've been working on with my daughter, ivanka, who's here. stand up. [ applause ] [ cheers and applause ] she feels so strongly about this. and an incredible team of experts. likewise, our education reforms will help parents send their