Donald trump external revenue service

President-elect Donald Trump has announced plans to establish a new government agency, the External Revenue Service (ERS), dedicated to collecting tariffs, duties, and other revenues from foreign sources. This initiative is part of his strategy to impose new import tariffs ahead of his inauguration on January 20, 2025.

Reuters

Trump’s proposal aims to shift the tax burden from American citizens to foreign entities benefiting from trade with the United States. He stated, “Through soft and pathetically weak Trade agreements, the American Economy has delivered growth and prosperity to the World, while taxing ourselves. It is time for that to change.”

Reuters

The ERS is expected to oversee the collection of various tariffs that Trump has proposed, including a 10% universal tariff on all imports, a 25% duty on imports from Canada and Mexico until they address specific concerns, and a 60% tariff on Chinese goods.

Reuters

Critics argue that the creation of the ERS may lead to increased bureaucracy, potentially duplicating functions already performed by agencies like U.S. Customs and Border Protection and the Internal Revenue Service. Senator Ron Wyden, a Democrat on the Senate Finance Committee, commented, “No amount of silly rebranding will hide the fact that Trump … .”

Reuters

Economists warn that such tariffs could raise costs for American consumers and provoke retaliatory measures against U.S. exports. The conservative-leaning Tax … could generate $4.5 trillion … ten years before accounting for negative economic effects, which could reduce net collections to $3.3 trillion … the same period. In contrast, the IRS collected $4.69 trillion in … year 2023 alone.

Reuters

As the inauguration approaches, further details about the structure and implementation of the ERS are anticipated. The effectiveness and impact of this new agency on the U.S. economy and international trade relations remain subjects of significant debate.

Trump Proposes External Revenue Service to Collect Foreign Tariffs


FaviconReuters
Trump says he will create new agency to collect revenue from foreign sources
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FaviconNew York Post
Trump announces creation of External Revenue Service - here’s what new agency will collect
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Trump announces creation of External Revenue Service - here's what new agency will collect

FaviconAP News
Trump says he will create an ‘External Revenue Service’ agency to collect tariff income
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