US President Donald Trump speaks to reporters while in flight on Air Force One, en route to Rome, Italy on April 25, 2025. Trump is heading to Rome to attend the funeral of Pope Francis.

US President Donald Trump has made a bold claim about the projected efficacy of his sky high tariffs, which essentially kicked off a trade war and rattled the US stock market.

On Sunday morning, Trump vowed in a post on Truth Social that income taxes for many Americans will be “substantially reduced” or even “completely eliminated” in the wake of the tariffs.

“When Tariffs cut in, many people’s Income Taxes will be substantially reduced, maybe even completely eliminated,” he wrote. “Focus will be on people making less than $200,000 a year. Also, massive numbers of jobs are already being created, with new plants and factories currently being built or planned.”

Trump added: “It will be a BONANZA........

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