Former President Donald Trump made trade policy and tariffs a key part of his foreign policy in his first term as president, and now as he seeks a second term, he is proposing a sweeping tariff policy.

Trump reaffirmed his idea of a universal tariff, taxing all goods from foreign producers by a certain amount upon import, while speaking on Fox Business's Kudlow last week.

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“I think we should have a ring around the collar, as they say. I think when companies come in and they dump their products in the United States, they should pay, automatically, let’s say, a 10% tax," Trump said. "That money would be used to pay off debt. It's a massive amount of money even at 10%."

"It's not gonna stop business because it's not that much, but it's enough that we're really gonna make a lot of money. The other thing I want to have is a matching tax," he added.

Trump previously outlined a "universal" tariff as part of his proposed agenda to protect American workers in a policy video released by his campaign in February.

"To achieve this goal, we will phase in a system of universal, baseline tariffs on most foreign products," Trump said in the video. "On top of this, higher tariffs will increase incrementally depending on how much individual foreign countries devalue their currency. They devalue their currency to take advantage of the United States, and they subsidize their industries or otherwise engage in trade cheating and abuse. And they do it now like never before, and we had it largely stopped, and it was going to be stopped completely within less than a year."

"As tariffs on foreign producers go up, taxes on American producers will go down and go down very substantially. And that means a lot of jobs coming in. Not only will this system end our gaping trade deficits — and they are massive right now — and bring back millions of American jobs — it will also bring trillions and trillions of dollars pouring into the U.S. Treasury from foreign countries and allow us to invest that money in American workers, American families, and American communities," he added.

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Trump's tax cuts in 2017, which lowered the corporate tax rate from 35% to 21% and also lowered tax rates for individuals, is a key part of his pitch on economic issues in the 2024 Republican presidential primary.

The former president will not be attending Wednesday's first Republican primary debate, claiming as the front-runner in the race, he has no reason to show up. The RealClearPolitics polling average shows Trump leading the field by more than 40%.