New Delhi, Feb. 25 -- US President Donald Trump said on Wednesday that he believed the tariffs paid by foreign countries would, as in the past, largely replace the current income tax system, thereby easing the significant financial burden on the people he cares about.

"As time goes by, I believe that tariffs, paid for by foreign countries, will, like in the past, substantially replace the modern-day system of income tax, taking a great financial burden off the people that I love," Trump said in the State of the Union address.

US Supreme Court on Friday ruled against most of Trump's sweeping tariff measures. Trump later signed an order imposing a 10 per cent global tariff on all countries, effective "almost immediately".

The Court ruled...