Trump announces ‘External Revenue Service’ to collect foreign tariffs, duties, revenue

"For far too long, we have relied on taxing our Great People using the Internal Revenue Service (IRS)," Trump said. "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. We will begin charging those that make money off of us with Trade, and they will start paying, FINALLY, their fair share. January 20, 2025, will be the birth date of the External Revenue Service. MAKE AMERICA GREAT AGAIN!"

Nations that have been in Trump's spotlight include Canada, Mexico and China. Canada and Mexico, close neighbors, have both made overtures to the US and Trump to find ways to prevent the tariffs he proposed from coming into effect. Canada has indicated that they would buy new submarines from the US as a way to balance out the trade deficit.

A major initiative of the incoming administration is to combat cost overages and waste. The non-governmental agency the Department of Governmental Efficiency, helmed by Vivek Ramaswamy and Elon Musk, is also tasked with rooting out government waste and suggesting cuts across the board. Those cost-cutting recommendations are due in July 2026.