Trump has a bold new plan.
In a bold move to shift the U.S. economy away from reliance on domestic taxation, President-elect Donald Trump announced on Tuesday the creation of a new federal agency—The External Revenue Service. This new agency will be responsible for collecting tariffs, duties, and other revenues generated from foreign trade, as Trump aims to reduce the financial burden on American citizens while promoting fairer trade practices.
In a post on his Truth Social platform, Trump explained that the U.S. has long been taken advantage of in international trade, with past administrations agreeing to weak trade deals that left American taxpayers footing the bill. “For too long, we’ve relied on taxing our great people through the IRS. Meanwhile, foreign nations have benefited from American markets, but we’ve paid the price,” Trump stated. “It’s time to end this exploitation and make sure those who profit from America’s economy start paying their fair share.”
During his campaign, Trump outlined a vision of a more protectionist economic policy, promising to implement significant tariffs on imports, particularly from China. He proposed a 60% tariff on Chinese goods, with up to 20% tariffs on imports from other countries. Trump’s tariffs, he argued, would strengthen American manufacturing, create jobs, and ultimately lower the federal deficit.
The creation of the External Revenue Service is one more step in his push to reshape U.S. trade policy. Trump also reiterated his threat to impose a 100% tariff on goods from Mexico if the country fails to address illegal immigration into the U.S., claiming that foreign nations should bear the financial burden of their actions.
Critics have warned that these moves could lead to trade wars and higher costs for consumers, but Trump remains firm in his stance, believing that these tariffs are necessary to restore America’s economic strength and reduce dependence on domestic taxes. “On January 20, 2025, the External Revenue Service will officially be born. It’s time to make America great again,” he concluded.