Tariffs Will Replace Income Tax, Reducing Financial Burden On Americans: Trump

Mumbai: On Tuesday, Trump accused the other countries of "ripping" US off "very bad" for years in his People's State of the Union speech. He added that Democrats know that, but they "just don't want to say it".

“Yet these countries are now happy, so are we… we made deals… deals are all done… they are now making a lot of money,” Trump said, and went on to add that tariffs paid by foreign countries he believes will replace the “modern-day system of income tax”. “It's already time-tested and approved. And as time goes by, I believe the tariffs, paid for by foreign countries, will, like in the past, substantially replace the modern-day system of income tax," he said, adding that it will take a great financial burden off the people whom he loves.

US President Donald Trump hailed his tariff move. Describing the past year as a dramatic national turnaround, he said he used the duties to rake in hundreds of billions of dollars to make great deals for the country, both economically and on a national security basis. The tariffs are now deemed illegal by the Supreme Court. Trump called it "very unfortunate."

Trump also said that the good news is that almost all countries and corporations want to keep the deals they made, knowing that the legal powers he has as a president to make a new agreement could be "far worse" for them. Trump emphasized that they will continue to work along the same successful path that was negotiated before the Supreme Court's unfortunate involvement. Trump also added that he settled wars through tariff threats.