Trump will create the External Revenue Service to collect tariffs

president-elect donald trump On Tuesday he said he will create an “External Tax Service” to collect “RatesRights and all Income from Foreign Sources.”

Trump did not elaborate on the proposed government entity.

At the moment, US Customs and Border Protection is responsible for collect fees.

“For too long, we have relied on taxing our big names using the Internal Revenue Service (IRS),” Trump wrote in a Truth Social post.

“Through soft and pathetically weak trade deals, the American economy has delivered growth and prosperity to the world, while we tax ourselves,” Trump wrote.

“It is time for that to change. Today I announce that I will create the EXTERNAL REVENUE SERVICE to collect our Tariffs, Duties and all Income that comes from Foreign sources,” he wrote.

“We will start charging those who make money from us with Commerce, and they will start paying, FINALLY, their fair share.”

Trump wrote that next Monday “January 20, 2025 will be the birthdate of the External Revenue Service.”

That day Trump will be sworn in for his second non-consecutive term in the White House.

cnn Last week it reported that Trump is considering declaring a national economic emergency to clear the way for him to implement the tariffs he wants to impose. It has said it will increase tariffs on imports from China by 10% and impose 25% tariffs on products from Canada and Mexico.

When asked for additional details of the plan for the new agency, Trump spokesman Steven Cheung told CNBC in an email: “I refer you to President Trump’s post on Truth Social.”