U.S. President Donald Trump claimed on the 20th (local time) that if tax revenue expands through the imposition of tariffs, income tax could be abolished.
According to ABC News and others on the same day, President Trump explained his plan to impose reciprocal tariffs at a Republican Governors Association dinner held in Washington DC, stating, "If this issue is resolved, we may no longer need to maintain the income tax system."
President Trump did not specify which country, but said that tariffs imposed on imports from one country could generate at least $60 billion (approximately 85.998 trillion won) annually.
He then referred to protectionist former President William McKinley, saying, "McKinley was the 'Tariff Man,' and he believed that other countries should not be allowed to come in and plunder."
He also sent a warning message to third-country companies that have been exporting duty-free to the U.S. through production bases in Mexico under the United States-Mexico-Canada Agreement (USMCA). President Trump emphasized, "They were killing Detroit (the center of U.S. automobile production), but now the situation is completely reversed." Regarding Canada, he said, "They will have to pay tariffs on cars, lumber, oil, gas, and so on exported to the U.S.," adding, "I think they should become the 51st state of the United States."
He also warned BRICS countries, stating, "Any BRICS country that even mentions 'dollar destruction' will face a 150% tariff." He expressed ownership intentions toward Greenland and Panama as well.
Meanwhile, at a reception for Black History Month (February) held at the White House that day, President Trump hinted at his intention to run for a third term by saying, "Should I run again?" When attendees shouted "Four more years," he smiled. However, the 22nd Amendment to the U.S. Constitution limits the presidency to two terms.
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