President Trump has recently promoted the idea of tariffs as a support tool for the U.S. economy. On social media, he claimed that tariffs are responsible for creating "great wealth" for the country and revealed that they will be used to pay off the country's debt.

Trump: Tariffs will be used to pay off the national debt of $36 trillion

President-elect Donald Trump has proposed the idea of using tariffs to support policies implemented in an effort to repair the U.S. economy of the upcoming administration. On social media, he commented on the impact of tariffs on the accumulation of wealth and prosperity that the country achieved in the early 19th century.

Replying to the post of venture capitalist Marc Andreessen shows the tariff rate in the total revenue of the federal government, Trump stated:

Tariffs, and only tariffs, have created this great wealth for our country. Then, we moved on to income tax.

Furthermore, he emphasized the use of revenue from tariffs to fund the payment of the U.S. national debt. "We have never been wealthier than during this period. Tariffs will pay off our debt and MAKE AMERICA RICH AGAIN!" he concluded.

Trump has mentioned eliminating income tax in favor of tariffs, reverting to a regime applied in the 19th century. In October, at a meeting in a barbershop broadcast by Fox, he also touched on this topic: "When we were a smart nation, in the 1890s... this was the time when the country was relatively wealthiest ever. It had all kinds of tariffs. It had no income tax," he remarked at the time.

Trump has threatened several countries by establishing high tariff regimes. He announced a comprehensive tax increase of 10% on China and 25% on imports from Mexico and Canada.

However, not everyone agrees with the idea of replacing income tax, and there is also the risk of starting a trade war as countries retaliate by establishing unfriendly tariff regimes against the U.S. China, Mexico, and Canada have hinted at these procedures, although measures have not yet been implemented.

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