Trump intends to create the Foreign Revenue Service to collect tariffs and foreign funds

President-elect Donald Trump on Tuesday announced plans to create a new agency called the Foreign Revenue Service to collect money from foreign countries owed to the United States.

“For too long, we have relied on taxing our great people using the Internal Revenue Service (IRS),” Trump wrote on TRUTH Social.

“Through soft and pathetically weak trade agreements, the American economy has brought growth and prosperity to the world, while taxing ourselves,” the president-elect continued. “It’s time to change that. Today I’m announcing that I will create the Foreign Revenue Service to collect tariffs, duties, and all revenues that come from foreign sources.”

He added: “We will start charging those who make our money through trade, and they will finally start paying their fair share. January 20, 2025 will be the birth date of the Foreign Revenue Service. Make America Great Again.” !

Canada prepares to respond to Trump: “In a trade war, there are no winners”

In a press conference held at his Mar-a-Lago resort last week, Trump promised to impose “major tariffs.” against Mexico And Canada if they do not adequately curb the flow of drugs and migrants across their borders with the United States. The president-elect pledged to usher in a “golden age for America,” adding that the United States does not have access to natural resources that “no one else has.”

During his election campaign, Trump had proposed imposing minimum customs duties ranging from 10% to 20% on all imported goods, and 60% or more on all imported goods. Imports from China. Last month, he threatened to impose a blanket 25% tariff on all imports from Canada and Mexico, starting on his first day in office, but it is unclear how the incoming administration’s plans will be implemented.

Trump tells the European Union to buy more American-made oil and gas or face tariffs along the way

Bloomberg reported On Tuesday, Trump’s transition team was considering how to gradually increase tariffs from month to month by relying on executive authority granted under the International Emergency Economic Powers Act. It is said that one of the options being considered is to gradually raise customs duties by about 2% to 5% per month on trading partners with the aim of compensating for any inflationary repercussions.

Bloomberg, citing sources familiar with the matter, reported that Scott Bessent, Kevin Hassett and Stephen Meiran are leading the development of the tariff strategy. Trump appointed them Secretary of the Treasury, Director of the National Economic Council, and Chairman of the Council of Economic Advisers, respectively.

CBS NewsAt the same time, he noted that federal agencies that collect revenue from tariffs already exist. Tariffs are set by the Department of Commerce and the Office of the United States Trade Representative, but are collected and enforced primarily by U.S. Customs and Border Protection. These collections are then deposited into the United States General Fund.

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Trump also proposed imposing massive tariffs on China to hold Beijing accountable for shipping illicit drugs smuggled into the United States.

The president-elect also threatened to do so European Union More American oil and gas must be purchased or they will be subject to “tariffs all the way!”