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Will new tariffs be implemented as part of Trump's trade overhaul by mid-2025?
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Official U.S. government announcements or trade policy changes documented by credible sources
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Trump Announces 'External Revenue Service' on January 20 to Overhaul Trade System, Collect Massive Foreign Tariffs
Jan 20, 2025, 05:27 PM
On January 20, President Donald Trump, in his inaugural address, announced plans to establish an 'External Revenue Service' aimed at collecting tariffs and revenues from foreign sources. This new agency is part of Trump's strategy to overhaul the U.S. trade system to protect American workers and families. Trump stated that instead of taxing U.S. citizens to enrich other countries, the U.S. will impose tariffs and taxes on foreign nations to benefit its own citizens. He emphasized that this move would result in 'massive amounts of money' flowing into the U.S. treasury from foreign sources. Trump's proposal includes a broad tariff increase, though he did not specify rates, scope, or affected countries during his speech.
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