Trump to create Foreign Revenue Service to collect tariffs.
Former Trump Assistant Commerce Secretary Nazak Nikaktar has blasted President-elect Trump’s tariff strategy in a ‘big money show’.
President-elect Donald Trump on Tuesday announced the creation of a new agency called the “Foreign Revenue Service” to collect money owed by foreign countries to the United States.
“For too long, we have relied on the Internal Revenue Service (IRS) to tax our great people,” Trump wrote on TRUTH Social.
“Smooth and tragically weak trade agreements, the American economy has provided growth and prosperity to the world, while we ourselves are paying taxes,” the president-elect continued. “It’s time for change. I’m announcing today that I’m creating the Foreign Revenue Service to collect our tariffs, duties and all revenue from foreign sources.”
He added: “We will start charging business fees to those who make money from us and eventually they will start paying their fair share. January 20, 2025 will be the birth date of the Foreign Revenue Service. Make America Great Again. !”
Canada prepares response to Trump tariffs: ‘There are no winners in trade wars’
President-elect Donald Trump speaks to members of the media during a press conference at the Mar-a-Lago Club on January 7, 2025 in Palm Beach, Florida. (Scott Olsen/Getty Images/Getty Images)
At a press conference at his Mar-a-Lago estate last week, Trump promised to impose “significant tariffs.” On Mexico And if Canada doesn’t adequately stem the flow of drugs and immigrants who cross its border with the US, the president-elect has promised to “bring about a golden age for America,” saying the US will have no access to natural resources. He has another.”
On the campaign trail, Trump proposed a minimum tariff of 10% to 20% on all imports and tariffs of 60% or more. imported from China. Last month, he threatened to impose a 25% tariff on all imports from Canada and Mexico, but it is unclear how the incoming administration’s plan will be implemented.
Scott Besant, Trump’s nominee for Treasury Secretary, arrives to meet with Sen. Mike Crapo, R-Idaho, December 10, 2024 in Washington, DC. (Anna Cashier/Getty Images/Getty Images)
Trump has told the EU to buy more US-made oil and gas or face ‘tariffs’.
Bloomberg reported On Tuesday, Trump’s transition team was studying how to gradually increase tariffs month by month, drawing on executive powers granted under the International Emergency Economic Powers Act. One option is to increase tariffs by 2 to 5 percent every month in an attempt to curb inflation.
Scott Bessant, Kevin Hassett and Stephen Miran are leading the development of the tariff strategy, Bloomberg reported, citing sources familiar with the matter. Trump appointed him as Treasury secretary, director of the National Economic Council and head of the Council of Economic Advisers.
White House economic adviser Kevin Hassett speaks to reporters outside the West Wing of the White House on May 22, 2020. Trump nominated him to be director of the National Economic Council in his second term. (Alex Wong/Getty Images/Getty Images)
CBS NewsHe pointed out that there are federal agencies that collect revenue from tariffs. Tariffs are established by the Department of Commerce and the Office of the United States Trade Representative, but collection and enforcement are primarily handled by U.S. Customs and Border Protection. Those collections are deposited into the US General Fund.
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Trump has also proposed higher tariffs against China to hold Beijing accountable for smuggling illegal drugs into the US.
The president-elect European Union Must buy more US oil and gas or risk “TARIFFS FOREVER!”