President Donald Trump's proposed $5 million "gold card" for U.S. residency would be one the most expensive in the world, according to experts.

President Donald Trump's commerce secretary, Howard Lutnick, claimed the "Gold Card" visa program already has 250,000 applicants.

Estimates of how many millionaires could afford to buy Trump's proposed visa range from 1.5 to 3.3 million people, according to recent reports.

Trump’s rationale ranges from raising money to pay for tax cuts to bringing back manufacturing to the U.S. to leveraging concessions from trading partners, and the idea has raised concerns about a global trade war. Rates as high as 25% on goods from Mexico and Canada, for example, are slated to go into effect March 4.

Donald Trump said he planned to hit goods from China with a new 10% tariff, the latest salvo in the US president's steadily escalating trade fights. Imports from China already face taxes at the border of at least 10%,

President Donald Trump said 25% tariffs on Canada and Mexico are on track to go into place on March 4, and said he would impose an additional 10% tax on Chinese imports, moves that would deepen his fight with the largest US trading partners.