US President-elect Donald Trump says he will create an “External Revenue Service” to collect tariffs, duties, and all revenues from foreign sources. Trump said in a social media post he would create the department on January 20, his inauguration day.
JUST IN: 🇺🇸 President-elect Trump to create external revenue service to collect tariffs, duties, and foreign revenues.
— Watcher.Guru (@WatcherGuru) January 14, 2025
“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 Republican said in a post on Truth Social. “We will begin charging those that make money off of us with Trade, and they will start paying, FINALLY, their fair share.”
Trump Tariffs to be Collected By External Revenue Service
A big part of Trump’s campaign promise upon being elected to a second term in office was to impose strong tariffs on other countries. Following his historic victory in the 2024 presidential election, the US dollar has remained a focus for Donald Trump’s incoming administration. Specifically, he has continually said that losing the greenback as the world’s currency would be akin to the country “losing a war.” Therefore, its position in global finances remains a focal point, and it is threatening 100% tariffs to countries that threaten the United States’ position.
Trump’s tariff plan includes a 25% tariff on imports from Canada and Mexico until they clamp down on drugs and migrants crossing the border. He has also vowed to impose tariffs of 10% on global imports into the United States, along with a 60% tariff on Chinese goods.
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Donald Trump has plenty of plans for his first day in office outside of these tariffs and the new “External Revenue Service.” The incoming President also plans to issue executive orders related to crypto policies. According to a Washington Post report, members of the Trump transition team have been working closely with crypto leaders to finalize a legislative strategy. These members expect Trump to issue executive orders on the first day of his presidency that may address issues relating to cryptocurrency.
Among these issues include de-banking and the repeal of a controversial crypto accounting policy requiring banks holding digital assets to count them as liabilities on the bank’s own balance sheet, the report adds.