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

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

The parallel with the Internal Revenue Service is seen as a signal of the president-elect’s determination to enact sweeping import duties.

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 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.

Incoming U.S. President Donald Trump on Tuesday said he would create a tax revenue service that would collect all dues received from foreign sources, as he prepares to take office later this month. Trump made the promise of levying more tariffs on imported goods from China and other countries a cornerstone of his election campaign in 2024.

Different wings of Trump world are floating different ideas for how to implement tariffs when the president-elect takes office, sending conflicting signals to markets.