- Trump suggested tariff revenue could one day fully replace the U.S. income tax.
- The “Liberation Day” tariffs triggered global trade talks, with over 130 countries reaching out to negotiate.
- Despite market turmoil, Trump believes the tariffs will ultimately strengthen the U.S. economy.
In a curveball during an exclusive Fox Noticias sit-down, President Donald Trump floated a pretty wild possibility — that revenue from tariffs might one day replace the income tax altogether.
Yep, seriously.
Trump, speaking with a bit of nostalgia and a whole lot of confidence, explained that beyond just reshaping trade and boosting U.S. manufacturing, these new tariffs might bring in so much cash that we could ditch income tax entirely.
“Will the tariffs replace income tax?” the host asked, straight up.
Trump, leaning in, replied: “You know, you’re the only one that’s asked me that. I deal with all these big financial geniuses, nobody ever asked — there is a chance that the money from tariffs could be so great that it would replace—”
Then he got historical:
“In the old days, 18—1870 to 1913—tariffs were the only form of revenue we had. And that’s when our nation was the richest. We were the richest.”
Liberation Day Tariffs Spark Global Reaction
Trump’s big move? The recently rolled out “Liberation Day” tariffs — a sweeping package that’s already sent shockwaves through Wall Street and major media outlets. According to the administration, the tariffs have done more than just stir up markets. Apparently, over 130 countries have come forward to renegotiate trade deals — fast.
In response, Trump offered a temporary pause (90 days) on reciprocal tariffs for most nations… well, most, except for China. That exception wasn’t random — Beijing upped their tariffs in retaliation instead of coming to the table. Trump, never one to back down, doubled the rate on Chinese imports, bringing it to a staggering 145%.
Turmoil or Leverage?
Naturally, markets are jittery. There’s been a lot of panic — stocks wobbling, headlines screaming — but Trump says everyone needs to chill. He’s confident these tariffs are the pressure needed to give America the upper hand in trade once and for all.
Whether or not we actually see a day where tariffs fund the entire government — no income tax, no W2 headaches — well, that’s anyone’s guess. But it’s clear Trump’s betting big on tariffs as the future of U.S. economic power.
