Investing.com -- U.S. President-elect Donald Trump announced on Tuesday his plans to establish a new department, the External Revenue Service, tasked with collecting tariffs, duties, and all other forms of revenue from foreign sources. The creation of the department is scheduled for January 20, the day Trump will be inaugurated for his second term as president.
In a social media post on Truth Social, Trump criticized what he termed as "soft and pathetically weak Trade agreements," arguing that they have contributed to global growth and prosperity at the expense of the American economy. The president-elect expressed his intent to change this situation, stating, "We will begin charging those that make money off of us with Trade, and they will start paying, FINALLY, their fair share."
In addition to the creation of the External Revenue Service, Trump has also promised to introduce substantial tariffs on the United States’ three largest trading partners - Canada, Mexico, and China. These include a 25% tariff on imports from Canada and Mexico until they take stronger action on issues related to drugs and migrants crossing the border.
The president-elect also plans to impose a 10% tariff on all global imports into the United States, with a specific 60% tariff on Chinese goods. Trade experts have warned that these duties could disrupt trade flows, increase costs, and potentially provoke retaliatory measures against U.S. exports.
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