Trump to rally manufacturers in tax speech Friday

President Trump is slated on Friday to tout the GOP’s tax-reform framework in a speech at the National Association of Manufacturers (NAM) board meeting, rallying a key business group that views the plan favorably.

The president’s speech is expected to include populist themes and touch upon the importance of boosting domestic manufacturing.

“When we grow American manufacturing, we don’t only grow our jobs and wages — we also grow the American spirit,” Trump is expected to say, according to an excerpt provided by the White House. “When we purchase products Made in America, fashioned by our fellow citizens, we renew the bonds of national loyalty that link us all together.”

Trump’s address will be the president’s latest effort to promote the nine-page tax plan that the White House and congressional Republicans unveiled on Wednesday. Trump also delivered a speech about the framework on Wednesday in Indiana, focusing on how the plan would help the middle class.

At the NAM event, Trump will talk about how the tax plan will help make American businesses more competitive, according to a senior administration official.

He is expected to highlight specific parts of the plan that will benefit manufacturing, including the lower tax rates for businesses and an “expensing” provision allowing businesses to immediately write off the costs of their investments for at least five years.

The expensing component is a “huge deal for manufacturers” and will allow the businesses to invest in new machinery and increase productivity, the official said.

Trump will also discuss actions that his administration has already taken to help manufacturers in areas such as energy, regulations and trade. 

NAM has come out in support of the tax framework, and the group is excited to have him speak at its meeting.

“President Trump has been a tireless advocate for manufacturers and we are honored to have him address industry leaders on the critical need for bold tax reform,” NAM President and CEO Jay Timmons said in a statement. “Manufacturers in America have never been as enthusiastic or as optimistic about their future as they are this year, and that is because of the huge opportunity we have to get tax reform done.”

Vice President Pence and Speaker Paul Ryan (R-Wis.) also spoke about the need for tax reform at an NAM event in June.