#TrumpTaxCuts President Trump proposed a new income tax cut on Sunday as a way to mitigate the consequences of his extensive tariffs, which polls show an increasing number of Americans believe are leading to higher prices.

"When the tariffs go into effect, the income taxes of many people will be significantly reduced, possibly even completely eliminated," Trump wrote in a post on his platform Truth Social on Sunday.

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

Trump defended the strategy behind his high tariffs in his post, claiming that "massive jobs are already being created, new factories and plants are currently being built or planned. This will be a BONANZA FOR AMERICA!!! THE EXTERNAL REVENUE SERVICE IS ALREADY WORKING!!!"