'Common sense': Trump pushes tariffs, domestic production in economic speech

Former President Donald Trump on Thursday touted his key economic agenda items during a speech to the Economic Club of New York.

In contrast to more traditional Republicans, Trump has advocated for a protectionist approach to trade policy and for stimulating and repatriating manufacturing jobs in defiance of a conventional free trade approach.

"Some might say it's economic nationalism. I call it common sense. I call it America first," he said. "This is the policy that built this country, and this is the policy that will save our country."

He went on to quote former President William McKinley in claiming that Republican-led tariff policy had "made the lives of our countrymen sweeter and brighter."

"We will ensure that the United States has a giant steel industry, an aluminum industry, a manufacturing base and a defense base," Trump declared. "We want a industrial base that can take care of our defense needs 100%."

He further vowed to restore domestic manufacturing through what he called a "pro-American trade policy that uses tariffs to encourage production here."

"America will encourage domestic production instead of punishing it," he went on. "As you know, our country's vast manufacturing wealth was created at a time with very little domestic taxation, few regulations, and most revenue came from tariffs from other countries."

" That was when we were at the wealthiest ever. Proportionately, we were the wealthiest country ever during those days. That was before income tax came along," Trump continued. "Now we foolishly do the opposite. We impose lower tariffs and no tariffs when foreign producers, we have the lowest tariffs of any nation in the world, and we relentlessly punish our own companies for doing business in America."