The president took to Truth Social to tout his vision, claiming that his sweeping tariffs could lead to big tax breaks for workers making under $200,000 a year.

"When Tariffs cut in, many people's Income Taxes will be substantially reduced, maybe even completely eliminated. Focus will be on people making less than $200,000 a year," Trump wrote.

The bold pledge comes as public anxiety grows over the economic fallout from Trump's aggressive trade policies, which have rattled global markets and fueled fears of higher prices at home.

In the weeks since Trump slapped so-called reciprocal tariffs on dozens of countries - including a staggering 145% levy on Chinese goods, economists have sounded the alarm that the tariffs could backfire, hurting American consumers more than foreign rivals.

That said - not everyone's excited after Trump told TIME Magazine in the April 25 edition that he "love[s] the concept" of raising taxes on millionaires as a means of paying for an extension of the 2017 tax cuts.

"I certainly don't mind having a tax increase," Trump told TIME. 

"I would be honored to pay more, but I don't want to be in a position where we lose an election because I was generous, but me, as a rich person, would not mind paying and you know, we're talking about very little."

He said it would involve raising taxes on the wealthy to "take care of [the] middle class."

"But I don't want it to be used against me politically, because I've seen people lose elections for less, especially with the fake news."

Former White House strategist Steve Bannon told News Nation's "CUOMO" on Friday that he supported the idea.

"This is being fought behind closed doors right now, and I'm telling you, with the massive tax cut, in addition, he's going to give the working class and the middle class, the math only works out if you actually increase taxes on the wealthy," Bannon said.

The former White House strategist said it could help Trump politically if he decided to run again in 2028, despite the Constitution preventing a third term in the Oval Office.

However, on April 23, the day after he sat down with TIME, Trump told reporters at the White House that raising taxes on the wealthy could be "very disruptive" and could lead to a loss of money for the United States.

House Speaker Mike Johnson dismissed the idea in an interview with Fox News.

"I'm not in favor of raising the tax rates because our party is the party that stands against that," Johnson said on April 23.