President Trump promised Sunday that every American, with the exception of wealthy individuals, will receive at least $2,000 from the tariff revenue collected by his administration.
“A dividend of at least $2000 a person (not including high-income people!) will be paid to revenue,” Mr. Trump posted on social media.
The president added that people who oppose tariffs are “fools.”
“We are now the richest, most respected country in the world with almost no inflation and a record stock market price. 401Ks are highest ever. 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 posted.
Mr. Trump did not offer specifics on his plan or detail how the tariff revenue would be distributed to the American people.
President Joseph R. Biden had come under fire from Republicans for several initiatives that send government funds directly to Americans, including his COVID-19 recovery package known as the American Rescue Plan. At the time, GOP lawmakers said sending money to the American people helped spur inflation.
Meanwhile, Mr. Trump’s proposal would need to be passed by Congress. Sen. Josh Hawley, Missouri Republican, has introduced this year legislation that would allot $600 tariff rebates to nearly all American adults and their children.
“My legislation would allow hard-working Americans to benefit from the wealth that Trump’s tariffs are returning to this country,” Mr. Hawley said, promoting the bill this summer.
Treasury Secretary Scott Bessent told CNBC this summer that the Trump administration’s top priority for the tariff revenue is paying down the national debt, which totals $38.12 trillion.
Mr. Trump also criticized the Supreme Court, which appeared skeptical of his tariff plan during oral arguments last week. The justices are currently considering whether the president has the authority to overhaul trade and tax imports without the consent of Congress.
“So let’s get this straight? The president of the United States is allowed (and fully approved by Congress) to stop all trade with a foreign country (which is far more onerous than a tariff) and license a foreign country, but it is not allowed to put a simple tariff on a foreign country, even for the purposes of national security,” Mr. Trump posted on Truth Social.
“That is not what our great founders had in mind. The whole thing is ridiculous! Other countries can tariff us, but we can’t tariff them? It is their dream. Businesses are pouring into the USA only because of tariffs. Has the United States Supreme Court not been told this? What the hell is going on?” he posted.
