Rome Times

The Eternal Voice of Italy
Saturday, Apr 26, 2025

Trump Suggests Establishing a New Agency to Gather Revenue from International Sources

Trump Suggests Establishing a New Agency to Gather Revenue from International Sources

President-elect Donald Trump declares the establishment of the 'External Revenue Service' to gather tariffs and duties, marking a change in U.S. trade policy as his inauguration nears.
President-elect Donald Trump announced on Tuesday a plan to establish a new government agency, the 'External Revenue Service,' designed to gather tariffs, duties, and other revenue from international sources.

This initiative coincides with his preparation to introduce new import tariffs when his second term begins on January 20. Trump, who shared the news on Truth Social, argued that Americans have been excessively taxed by the Internal Revenue Service for too long, suggesting that foreign entities benefiting from U.S. trade haven't been contributing their fair share.

The proposal implies a significant restructuring of U.S. revenue collection to focus on foreign sources, though details are still unclear.

Trump has not specified whether this new agency would take over the role of U.S. Customs and Border Protection in collecting tariffs or replace the IRS's duty of collecting taxes on foreign corporate and individual income.

The announcement has sparked concerns about the potential for increased government bureaucracy, potentially conflicting with Trump's previous efforts to streamline government functions, like his informal Department of Government Efficiency led by Elon Musk and Vivek Ramaswamy.

Trump's idea of replacing income taxes with tariffs, which was discussed during his campaign, has been met with skepticism.

Economists, including those from the Tax Foundation, contend that a 20% tariff would generate significantly less revenue than the current tax system, projecting $3.3 trillion over 10 years versus the IRS's annual revenue of up to $18 trillion.

Senator Ron Wyden, the senior Democrat on the Senate Finance Committee, criticized Trump's plan as a concealed tax increase on American families and small businesses.

Trump has proposed specific tariff rates, including a 10% tariff on global imports, a 25% tariff on imports from Canada and Mexico, and a 60% tariff on Chinese products.

Experts caution that these tariffs could disrupt trade, raise costs, and lead to retaliation against U.S. exports, further complicating the U.S. trade environment.
AI Disclaimer: An advanced artificial intelligence (AI) system generated the content of this page on its own. This innovative technology conducts extensive research from a variety of reliable sources, performs rigorous fact-checking and verification, cleans up and balances biased or manipulated content, and presents a minimal factual summary that is just enough yet essential for you to function as an informed and educated citizen. Please keep in mind, however, that this system is an evolving technology, and as a result, the article may contain accidental inaccuracies or errors. We urge you to help us improve our site by reporting any inaccuracies you find using the "Contact Us" link at the bottom of this page. Your helpful feedback helps us improve our system and deliver more precise content. When you find an article of interest here, please look for the full and extensive coverage of this topic in traditional news sources, as they are written by professional journalists that we try to support, not replace. We appreciate your understanding and assistance.
Newsletter

Related Articles

0:00
0:00
Close
Not Child’s Play: How Competitive Gaming Became a Global Economic Empire
California Surpasses Japan to Become the World’s Fourth-Largest Economy
Peter Navarro: The Man Behind Trump’s Tariff Madness
Former U.S. Congressman George Santos sentenced to eighty-seven months for wide-ranging fraud
Pope Francis: head of the Catholic church who pushed for social and economic justice
China do not pay these tariffs - you pay it. This is new 145% tax you pay to the US government.
Cultural Battles in the Vatican: The Candidates in the Battle for the Holy See and Pope Francis's Testament
Global Leaders Pay Tribute to Pope Francis Following His Death
Wild Chimpanzees Observed Bonding Over Alcoholic Fruit
Greek Christians Celebrate Easter in Thessaloníki
US Federal Reserve Chair Issues Warning on Tariff Impact
Pope Francis Makes Brief Appearance at Easter Sunday Mass
Saudi Arabia Offers Max Verstappen Unprecedented Deal to Join Aston Martin
Global Pistachio Shortage Amid Rising Demand for 'Dubai Chocolate'
Trump is assembling a coalition of Western leaders aligned with the MAGA vision, strengthening a unified front for global change
IMF Predicts No Global Recession Amid Trade Tensions
Alphabet Faces Antitrust Setbacks as Federal Judges Rule Against Google
US Billionaires Call for Higher Taxes, but Proposed 'Millionaires Tax' May Not Achieve Desired Outcome
Designed in US, made in China: Why Apple is stuck in tariff tussle
Boeing Jet Returns to US from China Amid Tariff War
US Sets Deadline for Russia-Ukraine Peace Deal Brokerage
Italy Introduces 'Sex Rooms' in Prisons for Inmates
"Groundless": China Dismisses Zelensky's Claims It's Supplying Arms To Russia
French Far-Right Writer Renaud Camus Denied Entry to UK
Italian Prime Minister Giorgia Meloni Meets with Donald Trump to Discuss EU-US Trade Tensions
South East Asia Caught in US-China Trade Dispute
Ukraine and US Sign Outline of Minerals Deal
China Stands Firm Amidst Trade Disputes with the US: A Factual Analysis
U.S. Tariff Escalation Sparks Global Trade Tensions
EU Postpones Response to US Tariffs
Worldwide Reactions to U.S. Tariffs: Varied Responses from Key Economies
Europe Pursues Digital Sovereignty in Light of Transatlantic Strains
OpenAI Gains Unprecedented $40 Billion Investment
Barcelona footballer Dani Alves cleared of rape allegations.
OpenAI Unveils a New Image Generation Tool for ChatGPT
Ex-FIFA President and French Soccer Icon Exonerated of Corruption Allegations
American Brands Face Consumer Boycott in Europe Amid Escalating Trade and Political Tensions
Pope Francis Released from Hospital Following Pneumonia Treatment
Pope Francis Makes His First Public Appearance in Five Weeks After Being Hospitalized
Istanbul's Mayor Ekrem Imamoglu Imprisoned on Corruption Allegations Amidst Political Unrest
European Countries to Boost Defense Expenditures in Response to Changes in U.S. Assistance
European Airline Shares Fall Due to Disruption from Heathrow Power Outage
Pope Francis Set to Leave Hospital Following Pneumonia Recovery
Thousands Rally in Amsterdam to Oppose Racism and Fascism
Revealing the Electromagnetic Characteristics of the Great Pyramid of Giza
Labour MPs Introduce Initiative to Tackle Harmful Influencers and Advocate for Positive Masculinity
US and Ukraine Leaders Hold Constructive Conversation Amid Continued Conflict
EU Charges US Tech Giants with Violating Digital Regulations
European Union Moves Toward Joint Debt for Military Spending
Inquiry: Social Media Platforms Authorized Advertisements Featuring Anti-Semitic and Anti-Muslim Material in Germany.
×