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WATCH: Donald Trump's Speech On The Economy

Tamara Keith | NPR 

A telepromter is set up on the stage at the Detroit Economic Club where Donald Trump is set to roll out his economic vision, described by his campaign as "Winning The Global Competition."

The GOP nominee is coming off a week of disastrous headlines and cratering poll numbers, and this speech is seen as a chance for him to reset his campaign with a more presidential speech.

Trump is unveiling a new iteration of his proposal to reshape America's tax system as part of his address. According to a preview released by the campaign, it would have just three tax brackets (one fewer than the tax plan he released last September, which was removed from his website in the last 24 hours), would limit taxes on all forms of business income to 15%, would end the estate and would "exclude childcare expenses from taxation."

Trump is also set to propose a moratorium on all new federal regulations and would "remove bureaucrats who only know how to kill jobs; replace them with experts who know how to create jobs." It's unclear exactly what that means or how it would work but there are currently about 2.7 million civilian federal employees.

As for trade, which has been a centerpiece of his economic agenda, Trump calls for the U.S. to pull out of the Trans Pacific Partnership trade deal and for NAFTA to be renegotiated. He would appoint trade negotiators whose goal will be to "win for America" and he would apply tariffs on countries that cheat. Economists have raised concerns in the past that such tariffs could lead to a trade war that would ultimately hurt American interests.

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