Trump says China and Japan should get rid of deductions

Former U.S. Republican presidential candidate Donald Trump has made a new pledge to include the full amount of car purchase loan interest in the tax deduction for cars produced in the U.S.

According to Reuters and others, former President Trump said in a campaign speech in Greensboro, North Carolina, a southern rival state, on the 22nd local time, "I don't want to benefit other countries. We want it to benefit us," he said, announcing this pledge.

"The interest deduction is a good thing, but only if the car is manufactured in the United States," Trump said. "We've been robbing our business for years, so why should we tax cars made in China, Japan or countless other places?"

However, it did not specify how the tax breaks would apply to foreign carmakers that produce millions of cars in the U.S., including Volkswagen, Toyota and Hyundai.

Reuters interpreted former President Trump's pledge as a way to deduct the interest on mortgage loans when filing federal taxes.

Former President Trump is seeking to win votes for workers in the automobile industry by making a series of pledges on expanding automobile production facilities in the United States.

Trump previously announced a pledge to impose 60% tariffs on Chinese imports and 100% to 200% tariffs on Mexican-produced Chinese cars.

Bloomberg said economists are warning that such pledges could cause household living costs to soar and hamper economic growth.