Trump Promises "Massive Tax Cuts" and End to Inflation in Convention Speech

Republican presidential nominee delivers speech as his party's convention in Milwaukee comes to an end

Donald Trump reiterated his promises to lower taxes as well as stop inflation through greater U.S. production of fossil fuels, as the Republican presidential nominee spoke Thursday night to close out his party's convention in Milwaukee.

"I will end the devastating inflation crisis immediately, bring down interest rates and lower the cost of energy," Trump said during his address. "We will drill, baby, drill," he added, predicting that will "lead to a large-scale decline in prices."

Lower energy prices "reduce the cost of transportation, manufacturing and all household goods - so much starts with energy, and remember we have more liquid gold under our feet than any other country," he said.

The former president also pledged to stop Democrats' climate-related spending, which he derided as a "green new scam" and an "incredible waste of taxpayer dollars that is fueling the inflation crisis."

As Trump touted his proposals to lower taxes, he said at the center of his team's plan for economic relief are "massive tax cuts for workers" - including his "no tax on tips" proposal. In addition, Trump repeated his pledges to deliver car-manufacturing jobs to the U.S.

Trump's speech came as his chances of winning the race for the White House appear to have been improving, thanks in part to a new wave of support following an assassination attempt on Saturday. He spent the start of his address recounting his experience on Saturday.

He's also getting a boost from increasing doubts around the Democratic ticket. Top Democrats are making a critical push for President Joe Biden to reconsider his re-election bid, with Vice President Kamala Harris widely seen as most likely to take Biden's place at the top of the ticket.

If Trump wins November's election, his economic policies are expected to focus in large part on extending his 2017 tax cuts, boosting oil and gas production, increasing tariffs, loosening regulations and cracking down on illegal immigration at the southern U.S. border.

To kick off the convention, Trump announced Ohio Sen. J.D. Vance as his running mate, praising Vance's past work in tech and finance as well as his memoir "Hillbilly Elegy," which digs into the economic problems of the senator's hometown.