(MENAFN- Live Mint) US President Donald Trump on Monday offered an update on his previous announcement of paying our $2,000 per person to individuals from low and middle income citizens.

Confirming his previous announcement, Trump said that the $2000 dividend paymen will be made to low and middle income US citizens from the 'massive' US tariff income that are coming after the country imposed duties on imports from virtually all countries.

He said that the remaining money, after paying the $2,000 per person, will be used to substantially pay down the national debt. The US debt was previously pegged at $37 trillion by Trump.

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“All money left over from the $2000 payments made to low and middle income USA Citizen, from the massive Tariff Income pouring into our Country from foreign countries, which will be substantial, will be used to SUBSTANTIALLY PAY DOWN NATIONAL DEBT,” the US President said in a post on Truth Social.

Trump promises $2,000 each to most Americans

In a post on Sunday, Donald Trump claimed that he will pay a dividend of $2,000 per person to low and middle income US citizens with the money that the recently imposed US tariffs will generate.

“A dividend of at least $2000 a person (not including high income people!) will be paid to everyone,” he wrote on X.

Calling out people who are against the Trump Tariffs, the President claimed that US now has almost no inflation.

“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. 401k's are Highest EVER,” he said.

Trump also claimed that the tariff income will be used to bring down US' debts.

“We are taking in Trillions of Dollars and will soon begin paying down our ENORMOUS DEBT, $37 Trillion. Record Investment in the USA, plants and factories going up all over the place,” he said.

US tariffs now their highest in roughly a century, and the Treasury Department is collecting around $30 billion a month, reported Bloomberg. Trump also touts the investments in the US that companies and trade partners have pledged as a result of his dealmaking.

However, the Supreme Court has recently raised questions about the validity of the US tariffs. At a hearing last week, justices appeared skeptical that Trump had the constitutional authority to impose his country-based tariffs.

A ruling for the same is expected by the end of this year.

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