Add news
News Every Day |

Trump says he'll create an 'external revenue service' on Day One to help collect tariffs and revenue from other countries

President-elect Donald Trump said he'll create an "external revenue service" on his first day in office.
  • President-elect Donald Trump said he'd create an "external revenue service" on his first day in office.
  • He said the external revenue service would collect tariffs and revenue from foreign countries.
  • Creating a new federal agency requires approval from Congress.

President-elect Donald Trump said on Tuesday that he will create a new agency to facilitate his tariff proposals on his first day in office.

Trump posted on his social media platform Truth Social that he would create an "external revenue service," which he said would "collect our Tariffs, Duties, and all Revenue that come from Foreign sources." He said the external revenue service would go into effect on January 20, the first day of his presidency.

"For far too long, we have relied on taxing our Great People using the Internal Revenue Service (IRS)," Trump said. "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."

While it's not clear how Trump would go about creating the external revenue service, establishing a new agency requires congressional approval.

Broad tariffs have been a cornerstone of Trump's campaign. On the campaign trail, he called for a 60% tariff on goods imported from China, along with a 10% to 20% tariff on all other imports. He later amped up his threats on foreign countries by vowing for more tariffs on Canada and Mexico if they failed to crack down on immigration and drug trafficking, and he warned of further tariffs on BRICS nations unless they committed to not creating a new currency that would compete with the US dollar.

Trump's transition team did not immediately respond to a request for comment from Business Insider about additional details on the external revenue service.

The US Customs and Border Protection already collects revenue for the US by enforcing trade laws — data from the CBP found that the agency took in $3.35 trillion in imports and revenue collections in fiscal year 2022. It's unclear how the external revenue service would differ from or work with CBP.

Earlier on Tuesday, Steve Bannon, a former Trump White House advisor, put the creation of an external revenue service on his wish list for Trump's first 100 days in power. Like Trump, Bannon has said the US should return to an era that relies more on tariff fees to fund the federal government.

"You wouldn't just look at tariffs, you would look at everything about how you can charge fees, essentially, whether that is on investment, access to this country," Bannon told Politico during an event focused on Trump's first 100 days. "America is behind the golden door. This market is the most robust, lucrative market in the world, and we shouldn't just let people have access it — we shouldn't let foreigners have access to this market and to the American people and to the American citizens for free."

Trump has dismissed concerns that raising tariffs will increase consumer prices. Studies of Trump's first-term tariffs showed that tariffs did increase the cost of goods like washing machines. Allies would likely impose retaliatory tariffs of their own, as they did under Trump's first-term trade policy.

A number of economists and trade experts have predicted that Trump's broader tariff proposals could have a larger impact on the economy and consumers than they did during his first term. The nonpartisan Peterson Institute, for example, predicted that Trump's proposed 60% tariff on goods imported from China could boost inflation by 0.4 percentage points in 2025.

Read the original article on Business Insider
Москва

Путин поручил установить саркофаг на затонувший в Черном море танкер

Реклама
Top 6 nutrition questions men should ask themselves after 40

To maintain health and remain full of energy, men will be helped by this

Chelsea ratings: Sancho shines but Palmer’s poor form continues and Jackson shows why Blues are looking for new strikers

‘Making a difference together’: Dift helps partners including Accor and BNP Paribas combine social impact with emotional marketing

White House proposes drastic cuts to State Department and funding for UN, NATO and other groups

JD Vance nearly fumbles Ohio State's national championship trophy during White House visit

Ria.city
Реклама
  • ИП Попов А.П.
  • ИНН: 602715631406
Ревматолог: "15 апреля 2024 в г.Колумбус запущена квота"

Каждый человек с больными суставами имеет право получить...






Реклама
  • ИП Попов А.П.
  • ИНН: 602715631406
Ревматолог: "15 апреля 2024 в г.Колумбус запущена квота"

Каждый человек с больными суставами имеет право получить...


Реклама
  • ИП Попов А.П.
  • ИНН: 602715631406
Ревматолог: "15 апреля 2024 в г.Колумбус запущена квота"

Каждый человек с больными суставами имеет право получить...

Read also

Moment thug mum batters woman with hammer in love triangle attack – just days before she plotted ex-husband’s murder

Trade war woes: Boeing stock sinks after China blocks plane deliveries

Windows 10 security flaws leave millions vulnerable

News, articles, comments, with a minute-by-minute update, now on Today24.pro

News Every Day

JD Vance nearly fumbles Ohio State's national championship trophy during White House visit

Today24.pro — latest news 24/7. You can add your news instantly now — here


News Every Day

White House proposes drastic cuts to State Department and funding for UN, NATO and other groups



Sports today


Новости тенниса
WTA

Стала известна позиция Елены Рыбакиной в мировом рейтинге WTA



Спорт в России и мире
Москва

Семеньо забивает на 53-й секунде и приводит "Борнмут" к победе над "Фулхэмом" в АПЛ



All sports news today





Sports in Russia today

Москва

Компания «КЕНГУРУ.ПРО» осуществила первую поставку спортивного оборудования в Беларусь


Новости России

Game News

Age of Empires 2's quest to conquer the strategy globe continues unabated as The Three Kingdoms DLC invades ancient China this May


Реклама
Top 6 nutrition questions men should ask themselves after 40

To maintain health and remain full of energy, men will be helped by this

Реклама
Top 6 nutrition questions men should ask themselves after 40

To maintain health and remain full of energy, men will be helped by this

Реклама
The most beautiful beach towns with cheap living

A huge number of people around the world dream of one day breaking out of the daily routine

Russian.city

Реклама
The most beautiful beach towns with cheap living

A huge number of people around the world dream of one day breaking out of the daily routine


Киев

Зеленский собирает 8-9 мая в Киеве «коалицию проигравших»


Губернаторы России
Динамо

Сбой у бело-голубых: «Трактор» отыгрался с 0:3 и вырвал победу в овертайме, «Ак Барс» засушил московское «Динамо»


Таланты в сердце Чечни: впервые в Грозном пройдет отборочный тур благотворительного детского фестиваля «Добрая волна»

Июнь уже распланирован: большинство россиян уже решили, где они будут отдыхать в первый месяц лета

Узбекская звезда Хурсанд Шеров преодолеет 3800 км ради 80-летия Победы

Где и когда в Москве можно будет полюбоваться цветением сакуры


Художник Яковлев готов восстановить памятный портрет Цоя на Арбате в Москве

Художник Яковлев о граффити на Арбате: Цой - жив, а Паша Техник - мертв

Таланты в сердце Чечни: впервые в Грозном пройдет отборочный тур благотворительного детского фестиваля «Добрая волна»

Дилара не смогла сдержать слёз, рассказывая о периоде после расставания с Моргенштерном*: видео


Анастасия Потапова снялась с турнира в Штутгарте, где должна была сыграть с Соболенко

Потапова сыграет с Соболенко во втором круге теннисного турнира в Штутгарте

Мюнхен (ATP). 1-й круг. Зверев сыграет с Мюллером, Грикспор – с Тьеном, Гоффен – с Харрисом

Саснович вышла в основную сетку турнира WTA-500 в Штутгарте


Реклама
The most beautiful beach towns with cheap living

A huge number of people around the world dream of one day breaking out of the daily routine


Одиннадцатый этап культурно-образовательного кластера «Город мастеров» успешно завершился в Псковской области

Таланты в сердце Чечни: впервые в Грозном пройдет отборочный тур благотворительного детского фестиваля «Добрая волна»

Одиннадцатый этап культурно-образовательного кластера «Город мастеров» успешно завершился в Псковской области

Одиннадцатый этап культурно-образовательного кластера «Город мастеров» успешно завершился в Псковской области


Одиннадцатый этап культурно-образовательного кластера «Город мастеров» успешно завершился в Псковской области

Шредер откажется оспаривать утрату привилегий по состоянию здоровья.

Одиннадцатый этап культурно-образовательного кластера «Город мастеров» успешно завершился в Псковской области

По следам выступления Игоря Игнатьева в авторской радиопрограмме Татьяны Межановой на "Маяке"...


Бердчанка вошла в число лучших на ХХ Всероссийском конкурсе «Педагогический дебют-2025»

Электрические «Москвичи» отправят на Кубу для работы в такси

Подозреваемой в убийстве отца девочке в Москве грозит до 10 лет колонии

Глава дорожного департамента Ивановской области задержан за взятку


Реклама
Top 6 nutrition questions men should ask themselves after 40

To maintain health and remain full of energy, men will be helped by this


Путин в России и мире
Реклама
The most beautiful beach towns with cheap living

A huge number of people around the world dream of one day breaking out of the daily routine



Реклама
The most beautiful beach towns with cheap living

A huge number of people around the world dream of one day breaking out of the daily routine



Реклама
The most beautiful beach towns with cheap living

A huge number of people around the world dream of one day breaking out of the daily routine



Реклама
Top 6 nutrition questions men should ask themselves after 40

To maintain health and remain full of energy, men will be helped by this

Персональные новости Russian.city
Елена Волкова

Одиннадцатый этап культурно-образовательного кластера «Город мастеров» успешно завершился в Псковской области



News Every Day

Chelsea ratings: Sancho shines but Palmer’s poor form continues and Jackson shows why Blues are looking for new strikers




Friends of Today24

Музыкальные новости

Персональные новости