President-elect Trump plans to establish a new federal agency, the External Revenue Service, to collect tariffs and revenues from foreign nations.
President-elect Donald Trump has announced plans to establish a new federal agency, the External Revenue Service, tasked with collecting tariffs and other revenues generated from foreign nations. The announcement, made on Trump's Truth Social platform on Tuesday, drew comparisons to the existing Internal Revenue Service, which handles domestic tax collection.
According to Trump's post, the External Revenue Service would 'collect our Tariffs, Duties, and all Revenue that come from Foreign sources.' He stated, 'We will begin charging those that make money off of us with Trade, and they will start paying.' Trump further indicated that January 20, 2025, the date of his inauguration for a second presidential term, would mark the birth of the External Revenue Service. Currently, the U.S. Customs and Border Protection is responsible for tariff collection. However, the establishment of federal government offices, including agencies like the proposed External Revenue Service, falls under the authority of Congress, not the president. The Constitution grants Congress broad powers to create government offices to execute statutory functions and directives. Trump's proposed tariffs have sparked considerable discussion and debate. During his presidential campaign, he advocated for a 10% or 20% tariff on all imported goods, with a significantly higher 60% tariff on Chinese imports. He also proposed a 25% tariff on goods originating from Canada and Mexico. Trump and his nominee for a key Cabinet position suggested during a December 2024 news conference that tariffs would be used to negotiate reciprocal trade agreements with other countries. Trade experts have expressed concerns about the potential impact of Trump's tariff policies on consumers. They argue that tariffs increase production costs and reduce competition, ultimately leading to higher prices for goods. Economists point out that low-income households are disproportionately affected by such price increases. Specific products susceptible to price hikes include fresh produce like avocados and mangoes, heavily sourced from Mexico. Limited production alternatives and geographical constraints make it challenging to shift production away from Mexico, resulting in direct price increases for consumers at grocery stores
DONALD TRUMP EXTERNAL REVENUE SERVICE TARIFFS TRADE POLICY FOREIGN REVENUE
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