Washington, April 17 -- Emphasizing that the country is getting rich on tariffs, US President Donald Trump has said there is "real chance" that he could raise enough funds from the tariffs to generate substantial revenue, possibly even replacing income tax.

Further citing a time in the late 1800s, Trump highlighted significant financial gains from tariffs when Washington implemented tariffs and raised such funds. During a Fox News interview, the President said revenue from sweeping tariffs might be enough to replace the federal income tax, calling it a "real chance" to overhaul the tax system.

"There is a chance that the money is so great that it could replace [income tax]," Trump said, adding, "In the old days, about 1870 to 1913, the ...