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US President Donald Trump has promised a $5,000 “Trump dividend” for every American adult if Republicans retain control of Congress in the November midterm elections, putting a potentially $1.35 trillion cash payout at the centre of his campaign pitch.
“We're making a fortune. So if the Republicans win, you win with us and you get $5,000. It will be called the Trump Dividend. Congratulations,” Trump said at the Republican Party’s midterm convention in Dallas.
His only condition so far was that the
money would have to be spent in the US. Trump did not provide details on how the payments would be funded or administered, and any such programme would require congressional approval.
Trump also used the convention to outline other priorities he wants to pursue if Republicans retain control of Congress, including making his tax cuts permanent.
The president has made extending his tax-cut agenda a central part of the Republican economic pitch ahead of the midterms. Reuters reported that the convention was designed in part to remind voters of Trump’s tax cuts and other policy achievements, even as Republicans face concerns over inflation and the cost of living while approval for Trump's own leadership has been steadily going down.
Trump also pledged to pursue lower credit card swipe fees. These are transaction fees paid by merchants when customers use credit cards, with merchants arguing that high charges can ultimately feed into prices paid by consumers. Trump has previously backed efforts to increase competition in the credit card processing market.
On trade and pricing, Trump said he would make his “most favored nations” approach permanent. His administration has used the most-favored-nation principle primarily in its push to make US prescription drug prices comparable with the lowest prices paid in other developed countries.
Reinforcing one of the central themes of his political agenda, Trump also pledged to intensify its crackdown on immigration and make it “legally impossible” for a future president to reopen the US border.
The promises come as Republicans face a difficult battle to retain control of Congress. Democrats are seen as having an advantage in the race for the House, while control of the Senate remains closely contested, Reuters reported.
