Trump Proposes External Revenue Service
Analysis based on 6 articles · First reported Jan 14, 2025 · Last updated Jan 15, 2025
The proposed creation of the United States — Internal Revenue Service and the implementation of new tariffs by Donald Trump could lead to increased trade tensions and higher costs for consumers, potentially impacting global supply chains and the profitability of companies engaged in international trade. Economists are generally skeptical of tariffs, viewing them as inefficient for raising money and promoting prosperity, which could lead to negative market reactions.
President-elect Donald Trump announced plans to create a new agency called the United States — Internal Revenue Service, intended to collect tariffs and other revenues from foreign nations. This initiative is a key part of his economic agenda for a second term, which includes potential tariffs of 25% on goods from allies like Canada and Mexico, and 60% on goods from China. The creation of this agency requires an act of the United States, where the United States — Republican Party (United States) holds a majority. Donald Trump has also tapped Elon Musk and Vivek Ramaswamy to lead the Department of Government Efficiency (DOGE), a task force aimed at reducing the size of the federal government. Critics, such as Ron Wyden, argue that these tariffs would result in a significant tax hike on American families and small businesses.
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