Trump Calls for Creation of 'External Revenue Service' to Collect Duties and Tariffs
President-elect Donald Trump announced plans Jan. 14 to establish an "External Revenue Service" that would collect monies from tariffs, duties and all revenue coming from foreign sources, in a Truth Social post.
Sign up for a free preview to unlock the rest of this article
If your job depends on informed compliance, you need International Trade Today. Delivered every business day and available any time online, only International Trade Today helps you stay current on the increasingly complex international trade regulatory environment.
Trump proclaimed Jan. 20, Inauguration Day, as the "birth date" for this endeavor.
"For far too long, we have relied on taxing our Great People using the Internal Revenue Service (IRS). 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," Trump said.
Through the External Revenue Service, "we will begin charging those that make money off of us with Trade, and they will start paying, FINALLY, their fair share," Trump continued.
CBP is currently the agency responsible for collecting tariffs, duties and import-related penalties. According to a June 2024 fact sheet, CBP collected approximately $92.3 billion in duties, taxes and other fees on behalf of the U.S. government in fiscal year 2023, a nearly 17.5% decrease from FY 2022.