Trump's 'External Revenue Service' plan will strike fear into countries doing business with US, economist says
President-elect Trump's plan to establish the "External Revenue Service" is garnering attention from key economic experts, including Manisha Singh.
During an exclusive interview with FOX Business' Edward Lawrence, former Trump State Department Chief Economist Manisha Singh expressed praise for the "innovative" plan, arguing that the move will "strike fear" into countries who conduct business in the U.S.
TRUMP ANNOUNCES NEW EXTERNAL REVENUE SERVICE TO COLLECT FOREIGN MONEY
"This is classic President Trump. He is innovative. He thinks outside the box. He's thinking about what we can do to improve the functions of government for the American people. And I think that the words "Internal Revenue Service" strike fear in the hearts of many American taxpayers. And the purpose of an external revenue service would be to look at exactly that," the economic expert argued.
President-elect Donald Trump revealed on Tuesday that he plans to establish a new agency called the "External Revenue Service," which will work to collect tariffs, duties, and revenue from foreign countries.
Trump took to Truth Social to make the announcement, writing that it is time to change the U.S.'s "soft and pathetically weak trade agreements."
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"We will begin charging those that make money off of us with trade, and they will start paying, FINALLY, their fair share," President-elect Donald Trump wrote Tuesday.
In continuation of her support for the "E.R.S.," Singh argues that the unique organization can create a "system" to properly regulate tariffs — a major talking point for Trump's presidential campaign.
TRUMP ANNOUNCES NEW EXTERNAL REVENUE SERVICE TO COLLECT FOREIGN MONEY
"When people hear the words "tariff," they worry about consumer prices, they worry about how those tariffs will be levied and collected," Singh began.
Although the President-elect's tariff strategy has caused unrest for some Americans, Singh argues that the "External Revenue Service" will "provide comfort" for the plan.
"If you put in a system where those tariffs are looked at, how they are instituted, how they are collected, it's going to provide some comfort to people who don't understand and who feel like there may not be a regulated enough thought process on how to institute tariffs," she concluded.
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