As part of its “America First Trade Policy,” the White House is exploring an arcane IRS provision that allows the United States to double the tax rates of foreign companies and individuals.

US President Donald Trump isn’t happy about the way some countries are taxing American citizens and companies. He has made clear he’s willing to retaliate, threatening to double taxes for their own citizens and companies.

Donald Trump has threatened to double tax rates for foreign nationals and companies in the United States to hit back at “discriminatory” levies on American multinationals, in a move that threatens to trigger a global confrontation over tax regimes.

Trump once again hinted at the idea of eliminating the federal income tax and making up for lost revenues with tariffs.

One thing is certain a little over a week into Donald Trump's second term: He plans to go big. On Monday, the president appeared to call for an end to income taxes altogether in favor of tariffs, which is how the federal government was primarily funded throughout much of its history until the early 20th century.