President Trump called his tax-reform plan “rocket fuel for our economy” Friday as he promoted the proposal to U.S. manufacturers and predicted it will lead to a rebirth of American industry.

“Under my administration, the era of economic surrender is over — and the rebirth of American industry has begun,” Mr. Trump told several hundred people at a board meeting of the National Association of Manufacturers in Washington.

Employers are expressing optimism about provisions such as immediate and full expensing of business investments, a reduction of the corporate tax rate from 35 percent to 20 percent, and a new “pass-through” business tax rate of 25 percent. Such pass-through profits are now taxed as high as 39.6 percent.

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