The creation of a new agency requires an act of Congress, and Republicans hold the majority of both the House and the Senate.

President-elect Donald Trump plans to create an External Revenue Service. Here’s what that might mean for you.

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

President-elect Donald Trump has announced his plan to create a federal body charged with taxing and collecting taxes from U.S. trade partners.

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.

U.S. President-elect Donald Trump said on Tuesday he will create a new government agency called the External Revenue Service "to collect tariffs, duties, and all revenue" from foreign sources as he readies new import tariffs ahead of his inauguration next week.

The president-elect continues to falsely claim that exporting countries pay tariffs, when, in fact, U.S. importers and eventually consumers do.