On Sunday, President Trump proposed a new reduction in income tax as a way to mitigate the impact of his sharp tariffs, which, as polls show, Americans increasingly believe will lead to higher prices.

"When tariffs are reduced, the income taxes of many people will be significantly lowered, possibly even completely eliminated," Trump wrote on Sunday on his platform Truth Social.

"The focus will be on people earning less than $200,000 a year," he continued.