Official government announcements or trade reports

Trump to Launch External Revenue Service on January 20 to Collect Tariffs from Foreign Sources

Jan 14, 2025, 04:57 PM

President-elect Donald Trump announced plans to create a new department called the External Revenue Service (ERS) to collect tariffs, duties, and all revenue from foreign sources. Set to commence on January 20, 2025, the ERS aims to shift the tax burden away from American citizens by focusing on revenue collection from foreign entities. "For far too long, we have relied on taxing our Great People using the Internal Revenue Service (IRS)," Trump stated. "We will begin charging those that make money off of us with trade, and they will start paying, finally, their fair share." The establishment of the ERS indicates a move towards imposing tariffs and duties on foreign imports to generate revenue.