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.

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

The creation of a separate department will likely need congressional support, though Trump could try to establish the department within a different existing agency.

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

Taking to social media platform Truth Social, Trump said, 'For far too long, we have relied on taxing our Great People using the Internal Revenue Service (IRS). Through soft and pathetically weak trade agreements,