Trump unveils plan for external revenue service on tariffs

Donald Trump was sworn in as the 47th President of the United States. During his speech, he referred to the tariffs he plans to impose. He indicated that he intends to create a special department.

"I will immediately conduct a full review of our trade system to protect American workers and their families. Instead of taxing our citizens to strengthen other countries, we will impose tariffs and taxes on other countries to enrich our citizens," Trump said.

"For this purpose, we will create an External Revenue Service to collect all tariffs, fees, and revenues. It will be a substantial sum of money from foreign sources," the new president added.

"The American dream will soon begin to flourish like never before," he emphasised.

In mid-January, Donald Trump announced for the first time the creation of a new customs office, the External Revenue Service, which will collect tariffs and revenues from foreign trade.

In his post on the X platform Trump criticised the existing trade agreements, calling them "soft and weak" and indicating that the American economy has supported the prosperity of other countries at the expense of its interests. "We will start charging those who make money off us through trade," he announced, declaring that the first day of his presidency would also be the day of the inauguration of the new office.

"Through soft and pathetically weak trade deals, the American economy has provided growth and prosperity to the world while taxing itself. It's time to change that. Today, I announce that I will create the EXTERNAL REVENUE SERVICE to collect our tariffs and all revenues from foreign sources," Trump wrote.