President-elect Donald Trump announced the creation of a new government entity on Tuesday designed to collect the tariffs and duties coming in from “foreign sources.”
“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. 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 posted on his Truth Social platform.
During the presidential campaign, Trump promised to implement large tariffs on foreign goods entering the U.S. starting with a 60% tariff on items from China and up to 20% tariff on other nation’s products.
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