Trump says he'll create "External Revenue Service" to collect tariffs
CBSN
President-elect Donald Trump says he'll establish a new federal agency to collect tariffs, duties and all other foreign revenue, seemingly carving out responsibilities that are currently handled by the Commerce Department, the U.S. Trade Representative and U.S. Customs and Border Protection.
The president-elect said he will establish the agency on Inauguration Day, with the goal of making other countries pay "their fair share." Tariffs are taxes levied on imported foreign goods. Experts say higher tariffs are typically passed on to the consumer, and if enacted, Trump's tariff hikes will likely mean higher costs for Americans.
"Through soft and pathetically weak Trade agreements, the American Economy has delivered growth and prosperity to the World, while taxing ourselves," Trump wrote on his social media platform Truth Social. "It is time for that to change. I am today announcing that I will create the EXTERNAL REVENUE SERVICE to collect our Tariffs, Duties, and all Revenue that come from Foreign sources. We will begin charging those that make money off of us with Trade, and they will start paying, FINALLY, their fair share. January 20, 2025, will be the birth date of the External Revenue Service. MAKE AMERICA GREAT AGAIN!"
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