Tuesday, 02 January 2024 12:17 GMT

Trump Promises USD2,000 for Americans from Tariff Revenues


(MENAFN) US President Donald Trump announced on Sunday that Americans could receive at least "$2,000 each from tariff revenues," although the plan would probably need approval from Congress.

"A dividend of at least $2000 a person (not including high-income people!) will be paid to everyone," Trump stated on his social media platform, the Truth Social.

The statement comes as the Supreme Court evaluates the constitutionality of his tariff initiative, while the government shutdown continues to disrupt food assistance payments.

Later, Treasury Secretary Scott Bessent told a news agency: "The $2,000 dividend could come in lots of forms."

Bessent explained that the payout might take the shape of tax reductions, such as eliminating taxes on tips and overtime.

Trump defended his trade strategy, asserting: "People that are against tariffs are fools! We are now the richest, most respected country in the world, with almost no inflation, and a record stock market price."

He also claimed that tariffs are producing trillions of dollars that will "soon begin paying down our enormous debt, $37 trillion."

The dividend proposal arrives as the US faces difficulties in funding food assistance due to the ongoing government shutdown, now in its 40th day.

Any such payment program would require passage by Congress, which remains deadlocked over budget discussions that caused the shutdown.

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