'That's A Big Saving': Trump Touts Interest Deductible Car Loans 'Only' For American-Made Cars

Forbes Breaking News

During a press briefing on Wednesday, President Trump discussed an executive order that would allow interest-deductible car loans explicitly for cars that are made in the United States.

Transcript

00:00And one other thing we are trying we have the speaker of the house with us who's doing a fantastic job and

00:06Where's Mike?

00:08We're trying to get approved Mike. Thank you very much for being here. We're trying to get approved if we can

00:15If you borrow money to buy a car, you're allowed to deduct interest payments for purposes of income tax

00:22But only if the car is made in America

00:25So if the car is made in America, you get a loan you can deduct the interest. That's a big saving a lot of people in that

00:32Part of the world in terms of buying cars a lot of them don't think in terms of deductions

00:38people that think in terms of deductions are very wealthy people, but

00:42people are going to start understanding what a good deduction is all about so when you get a

00:47loan to

00:49Buy a car and I think it's going to pay for itself. I don't think there's any cost

00:53I think that's going to you're going to have so many cars built

00:56But you're only going to get that deduction of interest if the car is made in the United States of America

01:03So I'm going to sign this and Mike. I hope you can get that because I think it's going to be

01:08Amazing in terms of the number of cars that are made be made because of it and I want to thank Howard Lutnick our

01:16Fabulous

01:17Commerce chairman, that's what he is. He's a chairman. He's a very successful guy a great guy

01:22And we have a big day Howard coming up next week. It's going to be good. That's liberation day

01:28that's going to be on the second and that's going to be reciprocal and I think people will be

01:33Impressed we're going to be we're going to be very fair. We're going to be very nice actually

01:37We have not been treated nicely by other countries, but we're going to be nice

01:42So I think people will be pleasantly surprised, but it's going to make our country very rich

01:48Because we're the piggy bank that everybody steals from and they've been doing it for

01:53Many years for decades and we're not going to let it happen

01:56So but we're going to treat people very nicely

01:59We're going to treat other countries very very nicely and I think it's going to have a very positive effect on everybody

02:04including those other countries, so I'll sign this and we will see you again on

02:11April the 2nd in terms of this it's going to be another round and it's about making America great again

02:17Making it strong and prosperous again. Thank you very much

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