On Tuesday local time, USA Republican presidential candidate Trump delivered a speech in Savannah, Georgia, outlining his economic plan.

Meanwhile, Trump proposed the 'New American Industrialism', indicating tax cuts for businesses manufacturing in the USA and tariffs for those manufacturing outside the USA.

Trump warned all USA trading partners:

"American workers will no longer worry about job opportunities being taken by foreigners. Instead, foreign countries will worry about their job opportunities being taken by the USA."

Trump's move aims to strongly support domestic manufacturers. According to reports, his 'New American Industrialism' plan may include: reducing taxes on domestic manufacturers from 21% to 15%, imposing tariffs of 10%-20% on imported products, reducing regulations on domestic manufacturers, and providing land to potential investors.

On Monday, Trump also warned USA agricultural machinery giant John Deere that if the company outsources part of its production operations to Mexico, as previously announced, it will face a hefty 200% tariff on its agricultural products.

Some economists have warned that once Trump's new tax and tariff policies are implemented, it may not only "deter" foreign investment but also potentially reignite inflation and disrupt supply chains.

The US manufacturing sector may be at a turning point.

Currently, economic issues are becoming the most concerning problem for American voters, and 'significant tax cuts domestically and increased tariffs externally' is one of Trump's core economic policy viewpoints.

During Tuesday's speech, Trump also stated that if he could achieve a second term, he would appoint a manufacturing ambassador to attract foreign investment into the USA and establish low-tax, low-regulation zones on federal land.

Some economists have expressed that Trump's proposed tax cuts are far lower than what companies need to reduce taxes, and tariffs will exacerbate inflation as companies will pass on the costs to consumers - the manufacturing ambassador may end up as a puppet role.

Trump did not further introduce the manufacturing special zone plan. Considering that the USA already has free trade zones, and most federal lands are forests and agricultural lands, economists believe finding suitable areas is still a challenge.

Inu Manak, trade expert from the US Council on Foreign Relations, commented:

"In practical terms, industrial relocation is very challenging."

"One of the main concerns for advanced manufacturers including semiconductor companies is whether they can find the skilled labor and engineers they need... You can't just create a manufacturing sector out of thin air."

The Wall Street Journal also pointed out that previously, under the guidance of the Biden administration, the USA has been inclined to encourage semiconductor companies and the clean energy industry. Considering Trump's clear indication of abolishing some clean energy subsidies, it is expected that his economic policies will bring a turning point to the American manufacturing sector.

Trump's competitor, Democratic presidential candidate Harris, is expected to deliver a speech in Pittsburgh, Pennsylvania on Wednesday. Her campaign team stated that she will further elaborate on her 'opportunity economy' concept in the state.