Manufacturers talk 2024, what’s needed to keep US thriving

foxbusiness.com:

Jay Timmons, president and CEO of the National Association of Manufacturers, talks about what the industry needs from the next administration to keep growing and to maintain global dominance.

Whoever takes the White House in November, the blueprint for keeping the U.S. manufacturing sector humming is pretty simple, thanks in large part to the 2017 tax cuts enacted during former President Trump's term.

«He predicted that those tax reforms would serve as rocket fuel for our industry, and they did exactly that. We had record investment, we had record job creation, and we had record wage growth for the three or four years [of his term],» National Association of Manufacturers (NAM) CEO Jay Timmons told FOX Business.

«There is a lot of talk right now from both sides of the aisle, quite frankly, about the possibility of raising taxes on manufacturers, taxes on businesses. That's not going to help us. You know, that's not going to help us grow. That is not going to help our economy grow. And it's certainly not going to help our leadership,» he said.

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Republican presidential candidate Donald Trump and vice presidential candidate Sen. JD Vance, R-Ohio, attend the first day of the Republican National Convention, July 15, 2024, in Milwaukee. (Win McNamee/Getty Images)

Trump and his vice presidential running mate, Sen. JD Vance of Ohio, have said renewing those cuts, which expire in 2025, is part of their road map. Manufacturers, according to Timmons, whose NAM represents 14,000 member companies and 13 million workers, also want a top-down review of regulations that have become costly for the sector.

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