Trump to create “external revenue service” to tax foreign trade profits
President-elect Donald Trump plans to create an “External Revenue Service” aimed at charging those who profit from trade with the United States.
Trump said on Truth Social that for far too long, we have been taxing people using the Internal Revenue Service (IRS).
He claimed that through weak trade agreements, the American economy has delivered growth and prosperity to the world.
He said he will collect tariffs, duties, and revenue that come from foreign sources.
Trump also said the department will be established on Inauguration Day, when he assumes office as the 47th president.