WASHINGTON, Jan 15 (Bernama-Xinhua) -- US President-elect Donald Trump said on Tuesday that he will create an External Revenue Service to collect tariffs and other revenue from foreign countries, reported Xinhua.
"For far too long, we have relied on taxing our Great People using the Internal Revenue Service (IRS). 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," the incoming president said in a post on Truth Social.
"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," Trump said.
"We will begin charging those that make money off of us with trade, and they will start paying, finally, their fair share," he continued.
Currently, the US Customs and Border Protection (CBP) agency -- part of the Department of Homeland Security (DHS) -- is responsible for collecting tariffs in the United States.
The incoming president has repeatedly vowed to implement additional tariffs on a broad range of trading partners, raising concerns that inflation might tick up again.
Economists have argued that the burden of tariffs falls on American businesses and consumers, rather than on foreign exporters.
--BERNAMA-XINHUA
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