President-elect Donald Trump announced plans to create the External Revenue Service (ERS) to collect tariffs and duties from foreign sources, a move that could significantly impact international trade and the U.S. economy.
U.S. president-elect Donald Trump announced on Tuesday his intention to establish a new government agency called the External Revenue Service (ERS) to collect tariffs, duties, and all revenue originating from foreign sources. This move comes as Mr. Trump prepares to implement new import tariffs before his inauguration next week. In a social media post, Mr. Trump stated that the ERS would be created on January 20th, the day he assumes his second term as president.
He argued that Americans have been unfairly burdened by taxes levied by the Internal Revenue Service (IRS) for too long. '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,' Mr. Trump posted on Truth Social. 'We will begin charging those that make money off of us with Trade, and they will start paying, FINALLY, their fair share.' A spokesperson for Mr. Trump's transition team was unavailable for immediate comment to clarify his statement or elaborate on the operational details of the new agency. Mr. Trump did not specify whether the ERS would supersede the collection of tariffs, duties, fees, and fines currently handled by U.S. Customs and Border Protection or the collection of taxes on foreign corporate and individual income by the IRS. It remains unclear whether this initiative will result in increased government bureaucracy, potentially contradicting the goals of Mr. Trump's informal Department of Government Efficiency. This department, led by billionaire Elon Musk and former biotech executive Vivek Ramaswamy, aims to identify trillions of dollars in budget savings through streamlined government operations. During his presidential campaign, Mr. Trump frequently expressed his desire to replace U.S. income taxes with tariff revenue, but private economists and forecasters have pointed out that the numbers do not align. The conservative-leaning Tax Foundation estimates that a 20-percent universal tariff on all imports into the U.S. would generate US$4.5 trillion over a decade. However, they anticipate negative economic impacts that would reduce net collection to US$3.3 trillion over the same period. This figure pales in comparison to the IRS's annual tax collection, which ranges from US$16 trillion to US$18 trillion. Senator Ron Wyden, the top Democrat on the Senate Finance Committee, criticized Mr. Trump's plan, stating, 'No amount of silly rebranding will hide the fact that Trump is planning a multitrillion-dollar tax hike on American families and small businesses to pay for another round of tax handouts to the rich.' Mr. Trump has proposed a 10-percent tariff on global imports, a 25-percent punitive duty on imports from Canada and Mexico until they address the issue of drugs and migrants crossing into the U.S., and a 60-percent tariff on Chinese goods.
DONALD TRUMP EXTERNAL REVENUE SERVICE TARIFFS TRADE US ECONOMY INTERNATIONAL RELATIONS
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