US President Donald Trump has made an extraordinary pitch to hand out $5000 US (almost $7,000 AU) to every American if his Republican Party win the upcoming midterm elections in November, prompting bribery claims and warnings of ‘massive’ inflation.

The announcement was made during Mr Trump’s speech at the Republican National Convention in Dallas, Texas, on Wednesday night local time.

Mr Trump claims the payment would be made to every adult if the Republican party win both the House of Representatives and Senate at the election on November 3.

“Because of our economic, tremendous economic success, like in history, we’ve never had anything like what’s happening, but because of our tremendous strength and success economically, I will issue a dividend to every adult citizen in the United States of America for $5,000,” Mr Trump said.

“If the Republicans win, you win with us, and you get $5,000.

“It will be called the Trump dividend.”

Mr Trump issued a caveat to the policy, saying the payment must be spent domestically.

“The dividend that we’re making must be spent in the United States of America,” he said.

“We don’t want you going to Canada to spend the money. We don’t want you going to China, to Germany.”

There are approximately 268 million adult Americans, meaning the policy would cost the US government a whopping $1.3 trillion US (approximately $1.8 trillion AU).

Notably, US government debt is currently sitting at $40 trillion US.

The United States Code also prevents any candidate from ‘buying’ votes.

Stockbroker Peter Schiff has slammed the dividends as a bribe, warning of rapid inflation worse than that after former President Joe Biden’s direct payments in the wake of the COVID-19 pandemic.

“Today Trump tried to buy the midterms by offering all voters a $5,000 bribe in exchange for their votes, provided they spend the cash in the U.S.,” Mr Schiff said.

“Since the Fed will have to print the money, the result would be massive inflation, well in excess of anything experienced under Biden.”

Mr Trump has previously issued announcements about dividend payments, including a series to distribute revenue he claimed was generated by tariffs last year.

The payments have not been issued, ten months after they were first promised.

Mr Trump asked his supporters to “pretend” they are voting for him when voting for Republicans at the midterms.

“I’m on the ballot, I’m on the ballot,” he said.

“Please, I ask you this, maybe more important than the Trump dividend, please pretend that I’m running, and get out and vote on November 3rd.”