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 Trump plans to create an External Revenue Service that would collect tariffs from U.S. importers, with economists arguing the proposed agency's name obscures who pays.

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

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

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 proposal is a contrast to the Internal Revenue Service, the country’s tax collection agency, which has faced harsh scrutiny from Republicans.

The president-elect's latest proclamation on Truth Social lacked details but appeared to reinforce his tariff plan

U.S. Treasury Secretary Janet Yellen said on Wednesday U.S. President-elect Donald Trump's plan to set up a new government agency to collect tariffs would duplicate an existing agency and was unlikely to save money.