Trump Announces New External Revenue Service

U.S. President-elect Donald Trump plans to establish an External Revenue Service to collect international tariffs and duties. This move is part of a strategy to impose tariffs on key trading partners, aiming to alter trade dynamics and ensure foreign entities contribute their fair share.

U.S. President-elect Donald Trump announced plans to create a new department, the External Revenue Service, to oversee the collection of tariffs and duties from foreign sources. This initiative, intended to reshape international trade dynamics, will commence on January 20, the day of Trump's inauguration.

In a Truth Social post, Trump criticized previous trade agreements, claiming they have favored global growth at America's expense. He expressed his determination to change this pattern by imposing tariffs on those profiting from U.S. trade.

The proposed tariffs include a 25% duty on imports from Canada and Mexico, and a significant 60% on Chinese goods. These measures, however, have been met with concerns about potential retaliatory actions harming U.S. exports and increasing trade costs.

(With inputs from agencies.)