US President-elect Donald Trump has announced that he will create the “Foreign Revenue Service.” It will be designed to collect revenue from the massive tariffs he has promised to impose, CNN reports.
“For too long we have relied on the Internal Revenue Service (IRS) to tax our Great People. Through soft and pathetic trade deals, the American economy has provided growth and prosperity to the world while taxing itself. It is time to change that. Today I am announcing that I will create a FOREIGN REVENUE SERVICE to collect our duties, tariffs, and all revenues from foreign sources,” Trump wrote.
He added that the US will start charging those who make money on them through trade. Now countries will start paying “their fair share”. The new head of the White House also named the date when the new service will be created. According to Trump, this will happen on the day of his inauguration.
“January 20, 2025 will be the birth date of the Internal Revenue Service. LET’S MAKE AMERICA GREAT AGAIN!” he summed up in his post.
CNN recalls that in November, Trump promised to significantly raise tariffs on goods from Mexico, Canada and China, starting on the first day of his administration. Such a policy, according to the media, could sharply increase costs for American businesses and consumers.
In addition, the president-elect is considering declaring a national emergency, CNN sources said. This is necessary to provide legal justification for the imposition of a large number of universal tariffs on allies and adversaries. According to them, Trump seeks to restore the global trade balance during his second term.
Recall that the other day, Canadian Ambassador to the United States Kirsten Hillman stated that the Canadian government is ready to purchase more goods from the United States, including its next submarine fleet. Thus, the country wants to mitigate the threat of Trump's tariffs.
She also warned that if Trump implements his plan to impose 25% tariffs on all Canadian products, then prices for Americans will increase almost immediately.