Trump to create a department to collect foreign revenue

President-elect Donald Trump pledged to establish an External Revenue Service, a department similar to the Internal Revenue Service (IRS), to oversee the collection of foreign income. The goal, he stated, is to boost the nation’s economy while protecting American taxpayers.

"For far too long, we have relied on taxing our Great People using the Internal Revenue Service (IRS). 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," Trump said on Truth Social. "I am today announcing that I will create the External Revenue Service to collect our tariffs, duties, and all revenue that come from foreign sources."

Trump added that this new department will begin operations on January 20, the same day he will be inaugurated as president.

"We will begin charging those that make money off of us with Trade, and they will start paying, finally, their fair share. January 20, 2025, will be the birthdate of the External Revenue Service," he explained.

During the election campaign, Trump promised that he would impose taxes of between 10% and 20% on all products imported from abroad to protect domestic production.

After his victory in November, he remained committed to his pledge, beginning with products from Canada and Mexico, on which he imposed a 25% tariff. This move sparked intense controversy and led to heated disagreements between Trump and the leaders of both neighboring countries.

The president-elect also addressed products originating from China, announcing that he would impose a 10% tariff on them.