Trump estimated future profits from new US duties

The profit from the new US duties may be so great that it will completely replace the income tax, said US President Donald Trump.

"I talk to all these big financial geniuses that no one else has talked to. There is a chance that the money from the duties may be so large that it will replace [the tax]," Trump said in an interview with Fox News.

The American leader stressed that previously, from about 1870 to 1913, duties were the only form of profit.

"It was then that our country was relatively the richest. We were the richest," Trump concluded.

Market conventions: China and the EU may join forces in a trade war against the United States

The share of their total GDP in the global economy will reach a third in the coming years, but it is unlikely that the countries will remove all barriers.

On April 2, Trump announced the introduction of 10% base duties on products imported from other countries. For the European Union (EU), this figure was raised to 20%, and for China — to 34%. On April 4, Beijing imposed retaliatory duties of 34% against the United States, after which Washington announced an increase in anti-Chinese duties to 104%. Later, the Chinese authorities decided to raise duties on imported goods from the United States to 84% as a mirror measure.

On April 9, President Trump announced the suspension of duties previously imposed on a number of countries for 90 days. He also announced an immediate increase in duties on products from China to 125%. On April 10, this figure reached 145%.