Trump calls tariff opponents 'fools'; announces $2,000 dividend for Americans
What's the story
United States President Donald Trump has defended his controversial tariff policy, claiming it has made the US "the richest, most respected country in the world." He said every American, except high-income earners, will soon receive a $2,000 dividend from tariff revenues collected by his administration. "People that are against Tariffs are FOOLS! We are now the Richest, Most Respected Country In the World," he wrote on his Truth Social platform.
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'Businesses pouring into the USA'
He also hailed what he described as record-breaking economic achievements. "401k's are Highest EVER. We are taking in Trillions of Dollars and will soon begin paying down our ENORMOUS DEBT, $37 Trillion," he wrote. He also claimed that his tariff strategy had resulted in an increase in domestic investment, claiming that "businesses are pouring into the USA ONLY BECAUSE OF TARIFFS" and that "plants and factories (are) going up all over the place."
Legal challenges
Trump's tariff policy under legal scrutiny
Trump's comments come as his tariff policy is under legal scrutiny by the US Supreme Court. The court heard arguments in a case challenging the legality of these tariffs, with several justices expressing skepticism about their constitutionality. If struck down, this could lead to over $100 billion in refunds and weaken one of Trump's key economic tools for his second term.
Dividend details
Treasury Secretary on proposed $2,000 dividend
However, Trump did not specify how the proposed tariff dividend would be dispersed or when it would take effect. After Trump's announcement, Treasury Secretary Scott Bessent was asked about the proposed $2,000 dividend. He said he hadn't discussed it directly with Trump but hinted that the payout "could come in lots of forms," per Bloomberg. This could include tax cuts on tips, overtime, and Social Security or deductions on auto loans.
Economic impact
Trump's tariffs and the 'Liberation day'
Trump has called his tariff policy his "strongest economic weapon" and warned that striking it down would be a "disaster" for the US economy. He claims the tariffs are necessary to reduce the trade deficit and strengthen domestic manufacturing. The case before the Supreme Court partly concerns Trump's April 2 "Liberation Day" tariffs, which impose levies of 10% to 50% on most US imports depending on their country of origin.