US will be so rich, won't know how to spend it: Donald Trump

US President Donald Trump has been a staunch advocate for tariffs on imports. Since taking office in January, he has announced his intention to increase tariffs on imports on foreign goods.

Critics have raised concerns over the country possibly going into recession due to the increased burden on end consumers. However, Trump has dismissed such worries, claiming that the tariffs will generate enormous wealth for the US.

He told Fox News, “All I know is we’re going to take in hundreds of billions of dollars in tariffs, and we’re going to become so rich you’re not going to know where to spend all that money.”

Trump further empathized that tariffs will create more jobs and factories in the US as companies shift their production within the country. He continued, “I'm telling you; you just watch. We're going to have jobs. We're going to have open factories. It's going to be great.”

Current US tariff situation

Trump first announced 25% tariffs on goods from Mexico and Canada in February, alongside a 10% tariff on China. However, the tariffs on Mexico and Canada were paused for a month, imposed on March 4, and then paused again a day later. Meanwhile, tariffs on Chinese imports were raised to 20%.

In response, Canada and China have imposed retaliatory tariffs on US goods. Mexico has warned that it will introduce its own tariffs if the US proceeds with its planned measures in April. Additionally, Trump has threatened "reciprocal tariffs" on several countries, including India, starting April 2.

Why did Trump impose tariffs on Canada and Mexico?

Trump has attributed the decision to the illicit flow of fentanyl into the US, blaming Canada and Mexico. According to Reuters, 70,000 people in the US die of fentanyl overdoses each year.

It is believed that Mexican cartels manufacture and smuggle the drug into the US using ingredients from China.

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