Trump will create an ‘External Revenue Service’ to collect tariffs

“Through soft and pathetically weak trade deals, the American economy has delivered growth and prosperity to the world, while taxing ourselves. It’s time for that to change,” the Republican said in a post on Truth Social.

“We will start charging those who make money off of us from trade, and they will finally start paying their fair share.”

Trump has promised to impose heavy tariffs on the United States’ three largest trading partners – Canada, Mexico and China – including a 25% tariff on imports from Canada and Mexico until they clamp down on drugs and migrants crossing the border. .

He has also promised to impose 10% tariffs on global imports to the United States, along with a 60% tariff on Chinese goods, which trade experts say would disrupt trade flows, raise costs and lead to retaliation against companies. American exports.

Trump’s transition team did not immediately respond to a request for comment on the details of how the new agency would work.