Full Transcript: Presidential Debate September 26, 2016 Donald Trump vs Hillary Clinton

When you look at what’s happening in Mexico, a friend of mine who builds plants said it’s the eighth wonder of the world. They’re building some of the biggest plants anywhere in the world, some of the most sophisticated, some of the best plants. With the United States, as he said, not so much. So Ford is leaving. You see that, their small car division leaving. Thousands of jobs leaving Michigan, leaving Ohio. They’re all leaving. And we can’t allow it to happen anymore.

As far as child care is concerned and so many other things, I think Hillary and I agree on that. We probably disagree a little bit as to numbers and amounts and what we’re going to do, but perhaps we’ll be talking about that later. But we have to stop our jobs from being stolen from us. We have to stop our companies from leaving the United States and, with it, firing all of their people. All you have to do is take a look at Carrier air conditioning in Indianapolis. They left — fired 1,400 people. They’re going to Mexico. So many hundreds and hundreds of companies are doing this. We cannot let it happen.

Under my plan, I’ll be reducing taxes tremendously, from 35% to 15% for companies, small and big businesses. That’s going to be a job creator like we haven’t seen since Ronald Reagan. It’s going to be a beautiful thing to watch. Companies will come. They will build. They will expand. New companies will start. And I look very, very much forward to doing it. We have to renegotiate our trade deals, and we have to stop these countries from stealing our companies and our jobs.

Lester Holt: Secretary Clinton, would you like to respond?

Hillary Clinton: Well, I think that trade is an important issue. Of course, we are 5% of the world’s population; we have to trade with the other 95%. And we need to have smart, fair trade deals. We also, though, need to have a tax system that rewards work and not just financial transactions. And the kind of plan that Donald has put forth would be trickle-down economics all over again. In fact, it would be the most extreme version, the biggest tax cuts for the top percent of the people in this country than we’ve ever had. I call it trumped-up trickle-down, because that’s exactly what it would be. That is not how we grow the economy. We just have a different view about what’s best for growing the economy, how we make investments that will actually produce jobs and rising incomes. I think we come at it from somewhat different perspectives. I understand that. You know, Donald was very fortunate in his life, and that’s all to his benefit. He started his business with $14 million, borrowed from his father, and he really believes that the more you help wealthy people, the better off we’ll be and that everything will work out from there. I don’t buy that.

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I have a different experience. My father was a small-businessman. He worked really hard. He printed drapery fabrics on long tables, where he pulled out those fabrics and he went down with a silkscreen and dumped the paint in and took the squeegee and kept going. And so what I believe is the more we can do for the middle class, the more we can invest in you, your education, your skills, your future, the better we will be off and the better we’ll grow. That’s the kind of economy I want us to see again.

Lester Holt: Let me follow up with Mr. Trump, again. You’ve talked about creating 25 million jobs, and you’ve promised to bring back millions of jobs for Americans. How are you going to bring back the industries that have left this country for cheaper labor overseas? How, specifically, are you going to tell American manufacturers that you have to come back?

Donald Trump: Well, for one thing — and before we start on that — my father gave me a very small loan in 1975, and I built it into a company that’s worth many, many billions of dollars, with some of the greatest assets in the world, and I say that only because that’s the kind of thinking that our country needs. Our country’s in deep trouble. We don’t know what we’re doing when it comes to devaluations and all of these countries all over the world, especially China. They’re the best, the best ever at it. What they’re doing to us is a very, very sad thing. So we have to do that.

We have to renegotiate our trade deals. And, Lester, they’re taking our jobs, they’re giving incentives, they’re doing things that, frankly, we don’t do. Let me give you the example of Mexico. They have a VAT tax. We’re on a different system. When we sell into Mexico, there’s a tax. When they sell in — automatic, 16%, approximately. When they sell into us, there’s no tax. It’s a defective agreement. It’s been defective for a long time, many years, but the politicians haven’t done anything about it.

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Now, in all fairness to Secretary Clinton — yes, is that OK? Good. I want you to be very happy. It’s very important to me. But in all fairness to Secretary Clinton, when she started talking about this, it was really very recently. She’s been doing this for 30 years. And why hasn’t she made the agreements better? The NAFTA agreement is defective. Just because of the tax and many other reasons, but just because of the fact…

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