Washington: US President Donald Trump on Sunday reiterated his support for his tariff policies, calling opponents 'fools' and touting the economic success of his administration. Trump claimed that the United States had become 'the richest, most respected country in the world' under his leadership, boasting nearly no inflation and a record stock market. He further announced that every American, excluding high-income earners, would receive a USD 2,000 'dividend' funded by revenues collected from tariffs.
Critics and legal challenges
Trump’s remarks come amid growing scrutiny over his tariff program, which faces legal challenges in the US Supreme Court. On November 5, justices questioned the legality of the duties during hearings on a case aimed at overturning them. If the tariffs are struck down, the government could face over USD 100 billion in refunds and lose one of Trump’s key economic tools. Despite the legal uncertainties, the president insisted tariffs remain his 'strongest economic weapon' and warned that losing them would be a 'disaster' for the US economy.
Details of the tariff program
The tariffs, including the April 2 'Liberation Day' duties, impose levies ranging from 10 percent to 50 percent on imports depending on their country of origin. Trump defended the measures as essential for reducing the US trade deficit and bolstering domestic manufacturing. While he promised direct financial benefits to citizens through the USD 2,000 dividend, he did not clarify the timing or method of disbursement.
Treasury response and potential forms of payout
Treasury Secretary Scott Bessent, speaking to ABC, noted that he had not discussed the USD 2,000 dividend directly with Trump. He suggested the payments 'could come in lots of forms,' including tax relief measures already under consideration. Possible options mentioned included removing taxes on tips, overtime, and Social Security, or allowing deductions on auto loans, providing Americans with indirect financial relief while supporting the administration’s economic goals.
