"Tariffs will pay off our debt," US President-Elect reinstates stance on tariffs

Trump said that tariffs generated wealth in the country and then they switched to income tax.

In a post on X, he said, "The Tariffs, and Tariffs alone, created this vast wealth for our Country. Then we switched over to Income Tax. We were never so wealthy as during this period. Tariffs will pay off our debt and, MAKE AMERICA WEALTHY AGAIN!"

https://x.com/realDonaldTrump/status/1875049777186136481

Trump has threatened about tariffs several times before.

Trump on December 1 threatened the BRICS nations, including India, with 100 per cent tariffs and called for a clear commitment from these countries to refrain from creating a "new currency" or supporting any other currency to replace the US dollar.

Taking to the social media platform Truth Social, Trump stated that the idea of BRICS nations trying to move away from the dollar while the US stood by and watched was "over."

He further warned that any country attempting to replace the USD would also lose access to the US market, adding that such countries would need to find "another sucker" if they pursued such actions.

"The idea that the BRICS Countries are trying to move away from the Dollar while we stand by and watch is OVER. We require a commitment from these Countries that they will neither create a new BRICS Currency, nor back any other Currency to replace the mighty US Dollar or, they will face 100 per cent Tariffs, and should expect to say goodbye to selling into the wonderful US Economy. They can go find another "sucker!" Trump said.

"There is no chance that the BRICS will replace the US Dollar in International Trade, and any Country that tries should wave goodbye to America," he added.

Trump's statement came after Russian President Vladimir Putin proposed creating a new investment platform for BRICS countries during the BRICS summit in Kazan in October, as reported by Reuters. This development could signal a move toward reduced dependence on the US dollar. (ANI)