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.

President-elect Donald Trump said he would establish an External Revenue Service to collect tariffs, duties and all revenue from foreign sources.

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

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

The 'External Revenue Service' aims to shift the financial burden of trade from American taxpayers to foreign nations.