Trump announces plans to establish an "External Revenue Service" to collect tariffs and foreign revenue.

Trump announces plans to establish an "External Revenue Service" to collect tariffs and foreign revenue.
Trump announces plans to establish an "External Revenue Service" to collect tariffs and foreign revenue.
  • Donald Trump, the newly elected president, pledged to establish an "External Revenue Service" to collect "Tariffs, Duties and all Revenue from Foreign sources."
  • Trump did not give any more details about the proposed government entity.
  • U.S. Customs and Border Protection currently is responsible for collecting tariffs.

On Tuesday, President-elect Donald Trump announced the establishment of an "External Revenue Service" to collect "Tariffs, Duties and all Revenue from Foreign sources."

Trump did not give any further details about the proposed government entity.

Currently, U.S. Customs and Border Protection is responsible for collecting tariffs.

Trump wrote on Truth Social: "For too long, we have overly relied on the IRS to tax our citizens."

Trump wrote that the American Economy has delivered growth and prosperity to the World through soft and pathetically weak Trade agreements, but at the cost of taxing ourselves.

He announced the creation of the EXTERNAL REVENUE SERVICE to collect Tariffs, Duties, and all Revenue that come from Foreign sources.

"We will commence charging those who profit from us with Trade, and they will at last pay their fair share."

The External Revenue Service will be established on January 20, 2025, according to Trump's statement.

On that day, Trump will be inaugurated for his second non-consecutive term as President of the United States.

Trump is reportedly considering declaring a national economic emergency to facilitate the implementation of his desired tariffs on imports from China, Canada, and Mexico.

Trump's spokesman, Steven Cheung, referred CNBC to President Trump's post on Truth Social for additional details about the plan for the new agency.

by Dan Mangan

Politics