Trump: I'm Creating the 'External Revenue Service'

President-elect Trump ratcheted up his promise to get more aggressive with tariffs with an unusual announcement on Tuesday—the creation of a new government agency called the External Revenue Service, reports CBS News.

• "For far too long, we have relied on taxing our Great People using the Internal Revenue Service (IRS)," he wrote on Truth Social. "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. I am today announcing that I will create the EXTERNAL REVENUE SERVICE to collect our Tariffs, Duties, and all Revenue that come from Foreign sources."
• Trump said that next Monday, his inauguration, would be the "birth date" of the new agency, though it was unclear how changes would unfold. Currently, the US Customs and Border Protection agency collects tariffs, notes CNBC.

• The president-elect has threatened to impose new tariffs on Mexico, Canada, and China—as well as in Europe and elsewhere—though Wall Street economists are waiting to see if they will come to pass or if the threats are a negotiating ploy, per CBS.
• Last week, CNN reported that Trump might declare a "national economic emergency" to justify the imposition of any new tariffs.

(More President-elect Trump stories.)