Trump Announces Creation of External Revenue Service to Collect Tariffs
President-elect Trump reveals plans for a new agency focused on collecting tariffs from foreign entities, set to launch on January 20.
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Overview
On January 20, President-elect Donald Trump will launch the External Revenue Service, designed to collect tariffs and duties from foreign sources, aligning with his campaign promises. The agency aims to replace some IRS functions and reduce reliance on American taxpayers. Concerns about inflation and trade wars have arisen, particularly regarding proposed tariffs of 10-20% on imports and 60% on Chinese goods. The plan requires Congressional approval and faces skepticism regarding its implementation and interactions with existing agencies that currently handle tariff collection.
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