Trump announced the new ‘external revenue service’ to collect tariffs

In a stunning step, President Donald Trump has unveiled schemes for a new government agency called ‘External Revenue Service’ (ERS). This new body is designed to collect tariffs and other income from abroad. Trump’s announcement made during a rally in Florida surprised many people and provoked a wide range of reactions.

What is external revenue service?

According to Trump, the external revenue service will work similar to the Internal Revenue Service (IRS), but with focus on international transactions. The purpose of ERS is to streamline the collection of tariffs, which is tax imposed on imported goods, as well as other types of income from foreign sources.

Trump said during the rally, “We have an external revenue service, which ensures that we are receiving every money from other countries that we deserve other countries.” “This is the time to control our economic fate.”

Goals of ERS

The primary goal of ERS is to promote the US economy by ensuring that tariffs and other foreign income are collected efficiently and effectively. Trump argued that the ERS would help reduce trade deficit and protect American jobs by ensuring that foreign countries pay their proper part when trading with the United States.

Reaction and criticism

ERS has been announced with mixed responses. Supporters of Trump’s proposal believe that the new agency can strengthen the American economy and promote fair trade practices.

However, critics have doubts about the feasibility and need of such an agency. Some economists and professional experts have expressed concern that ERS may increase bureaucracy and complications in international trade. Others argue that the existing mechanisms are sufficient to collect tariffs and it may not be necessary to build a new agency.