The President-elect announced plans to create a new agency to collect tariffs and other revenues from foreign nations, though economists consider tariffs a mostly inefficient way for governments to raise money.

President-elect Donald Trump said he would establish an External Revenue Service to collect tariffs, duties and all revenue from foreign sources.

The parallel with the Internal Revenue Service is seen as a signal of the president-elect’s determination to enact sweeping import duties.

The creation of a separate department will likely need congressional support, though Trump could try to establish the department within a different existing agency.

President-elect Donald Trump promised in a social media post to create an "External Revenue Service" to collect "Tariffs, Duties and all Revenue from Foreign sources." Trump did not give any more details about the proposed government entity.

Trump declared next Monday will be the “birth date” of the IRS counterpart as tariffs become a core storyline at the start of his second term.

U.S. President-elect Donald Trump said on Tuesday he will create a new government agency called the External Revenue Service "to collect tariffs, duties, and all revenue" from foreign sources as he readies new import tariffs ahead of his inauguration next week.

The president-elect's latest proclamation on Truth Social lacked details but appeared to reinforce his tariff plan

Trump also criticised the current reliance on domestic taxes through the Internal Revenue Service (IRS) and emphasised the need for foreign entities