Trump Proposes New Agency to Collect Tariffs, Promising 'Massive' Revenue Boost

President Trump has pledged to generate substantial revenue through tariffs imposed on foreign products, to such an extent that he intends to establish a new agency called the External Revenue Service to oversee the collection of these funds. During his inaugural address on a recent Monday, Trump emphasized the importance of diverting funds from enriching other nations to enriching American citizens through tariffs and taxes on foreign countries. He projected that these measures would result in significant amounts of money flowing into the treasury from foreign sources. 

However, the specifics of the proposed agency remain ambiguous, particularly in terms of its differentiation from existing government operations. Experts in trade have pointed out that the majority of tariff revenue would still be collected from U.S. businesses engaged in importing products, despite the agency's name.

Tariff Revenue Collection

Currently, the responsibility for collecting tariff revenue lies with U.S. Customs and Border Protection, which oversees the monitoring of both goods and individuals entering the United States via numerous airports and land crossings.