Trump rolls out sweeping affordability push in Detroit, targets housing and healthcare

DETROIT, MICHIGAN: President Donald Trump delivered a major economic policy address at the Detroit Economic Club on Tuesday, January 13, placing "affordability" at the center of his agenda for the coming year.

Addressing a crowd of business leaders and workers, Trump outlined a multi-pronged strategy to bring down the cost of living, ranging from aggressive housing market interventions to caps on consumer debt interest.

"Over the past 12 months, almost every promise I made to you right here in 2024 has been kept," Trump declared, citing the "largest tax cuts in American history." He promised that his administration is now moving to stop the "colossal fraud" that costs the country "over half a trillion dollars" annually, declaring that "those days are over."

Trump says he is pushing to ban corporate buyers from housing market

A key pillar of Trump's plan involves a crackdown on large-scale property investors. "This will include a ban on large institutional investors buying up single-family homes all over the country and making it impossible for people to buy a home," Trump announced.

He also touted the impact of federal intervention in the mortgage market, stating that the government is purchasing $200 billion of mortgage bonds. "It's had a huge impact. It's already started,"

Trump said, noting that "just last week, the average 30-year mortgage dropped below 6 percent for the first time in many years." He added that he will provide more details on these policies at Davos next week.

Trump promises on capping 'unfair' credit card interest rates

Trump also targeted the financial sector, calling for a temporary ceiling on consumer debt costs. "I proudly called for the credit card companies to cap interest rates at 10% for one year, because they're getting 28% and 30% and 32%," Trump said. "It's unfair, the rates are way too high."

This proposal follows a declarative Truth Social post from January 10, where the President announced that "Effective January 20, 2026, I, as President of the United States, am calling for a one year cap on Credit Card Interest Rates of 10%." He framed the move as necessary to stop the public from being "ripped off," noting the implementation date coincides with the "one year anniversary of the historic and very successful Trump Administration."

Trump on new framework to reduce healthcare premiums

Turning to healthcare, the President lambasted the Affordable Care Act, claiming "Obamacare was a gift to make health insurance companies rich at the expense of the American People."

He argued that funds should "go directly to the people, so they can buy the healthcare that's right for them." To that end, Trump revealed that "later this week, I'll announce our healthcare affordability framework that will reduce premiums for millions," signaling a new push to reshape the medical insurance landscape.

Trump touts tax breaks for American-made vehicles

The President also highlighted incentives for the domestic auto industry, a critical topic in Detroit. He reminded the audience of his policy making interest on car loans "fully tax deductible," but with a strict caveat.

"Only for cars that are stamped with the beautiful words, 'Made in the USA,'" Trump clarified. He framed these measures as part of a broader effort to prioritize American manufacturing while lowering costs for consumers who buy domestic products.