President Donald Trump noted that if new tariffs imposed on the world expand revenue, the United States might eliminate income taxes.
On the 20th (local time), President Trump claimed during a dinner event of the Republican Governors Association in Washington, D.C., that "a lot of money is said to come from tariffs," and added, "We may not need to have an income tax system." He did not specify which country, but said that the U.S. could collect at least $60 billion (approximately 86 trillion won) through tariffs imposed on imports from one country annually.
Earlier, President Trump also said in a speech in Miami, Florida, the previous day that "tariffs will bring trillions of dollars to our treasury."
Additionally, President Trump sent a warning message to third-country corporations that have been exporting to the U.S. duty-free through production bases in Mexico based on the United States-Mexico-Canada Agreement (USMCA). He stated, "They were killing our Detroit (the center of U.S. auto production), and now the situation has completely reversed," making it clear that tariffs would be imposed on indirect exports to the U.S. through Mexico. This remark could also apply to Korean automobile manufacturers that have entered Mexico.
President Trump also aimed at Canada when he said, "They will have to pay tariffs on cars, wood, oil, and gas (exported to the U.S.)" and added, "I think they should become the 51st state of the United States."