Trump made this statement during a video call with US military personnel on 27/11. He had previously linked import tariffs to income tax reductions, suggesting this new revenue stream could offset cuts.

"The amount of money we are going to collect is enormous," he stated, adding, "I think we can reduce and completely abolish income tax in the next few years."

This is not the first time the US President has connected import tariffs with personal income tax cuts. Earlier this year, he indicated that once import tariffs are effective, many citizens, particularly those earning under 200,000 USD annually, could see significant reductions or even exemptions from income tax.

President Donald Trump speaks in Washington on 17/11. *Photo: AP*

Upon returning to the White House, Trump implemented a series of additional import tariffs on products and trade partners. These tariffs ranged from 10% to 50%, depending on the goods' origin. He asserted that these taxes would increase the national budget and encourage consumers to buy more American products.

Recently, he also proposed the idea of "import tax refunds" for citizens. Under this plan, excluding high-income groups, each American would receive at least 2,000 USD.

President Trump maintained that the revenue from import tariffs could help reduce the national debt and attract investment, leading to the opening of many new factories across the US. The country's debt currently stands at 37 trillion USD.

During a cabinet meeting at the White House in August, Treasury Secretary Scott Bessent estimated that the country could collect 500 billion USD from import tariffs this year. For October alone, this figure was 34,2 billion USD.

However, earlier this month, the US Supreme Court held its first hearing on a lawsuit related to President Trump's import tariffs. During the proceedings, some justices expressed skepticism regarding the legality of this policy. This raises concerns that the US government might have to refund import duties if it receives an unfavorable ruling. Bloomberg reported that the amount to be refunded to businesses could exceed 100 billion USD.

Ha Thu (according to Reuters, Financial Express)