Even if Donald Trump vastly expands the use of tariffs as president, it's unlikely he'll collect enough revenue to replace the more than century-old federal income tax system.

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 create an “External Revenue Service” tasked with collecting tariffs on foreign imports, the latest indication that the Republican aims to carry out his promises for sweeping trade levies when he retakes office.