Donald Trump Announces Creation of New Department to Collect Tariffs from Foreign Countries

Washington (The Uttam Hindu): Before taking office, newly elected U.S. President Donald Trump made a significant announcement. He revealed plans to establish a new department to collect tariffs and other revenue from foreign countries. The department will be called the External Revenue Service. Trump shared this news on social media, stating, “We will collect charges from those who make money through trade with us.”

Trump's new proposal has faced opposition from Democratic lawmakers. He explained that the plan is to create an agency similar to the Internal Revenue Service (IRS), which handles tax collection in the U.S. but for external revenue collection. Prominent businessman Elon Musk and industrialist Vivek Ramaswamy are actively working on preparations for Trump’s inauguration ceremony. The new department will focus on eliminating thousands of outdated regulations and reducing the number of government employees. It aims to streamline the federal bureaucracy, cut unnecessary spending and simplify the restructuring of federal agencies.

Trump also discussed imposing a 25% tariff on goods from Mexico and Canada and a 60% tariff on products imported from China. Top Democratic Senator Ron Wyden from Oregon a member of the Senate Finance Committee, criticized Trump's plan stating that it would provide tax breaks to the wealthy while increasing taxes for American families and small businesses. Trump has already stated that he will create a new agency to take over the duties of existing government agencies.