Trump Introduces the ERS, External Revenue Service!
Now the question is what will happen to the IRS?!
President-elect Trump announced plans to create an "External Revenue Service" to oversee tariffs and foreign revenue, signaling his commitment to his tariff program despite earlier reports of potential pullbacks. While Customs and Border Protection currently handles tariffs, it's unclear whether Trump intends to establish a new entity for this purpose, with leftist economists lying about negative market reactions if heavy tariffs are imposed which is not True.
Policy Announcement
President-elect Trump announced the creation of an "External Revenue Service" (ERS) to oversee tariffs and foreign revenue.
The ERS will collect tariffs, duties, and revenue from foreign sources, ensuring fair contributions from those benefiting from U.S. trade.
Trump emphasized that this new body will ensure foreign countries pay their "fair share" in trade deals.
Commitment to Tariffs
The announcement highlights Trump’s steadfast commitment to his promised tariff program, despite earlier reports suggesting it might be scaled back.
Trump's plan signals a focus on holding foreign entities accountable for their role in U.S. trade imbalances.
Significance of ERS Creation
The ERS is set to be established on January 20, Trump's inauguration day, marking the beginning of a new era in trade policy.
The move demonstrates Trump’s focus on reforming trade and revenue collection systems to protect American interests.
Impact on Trade and Economy
Trump’s strategy aims to ensure that trade partners contributing to U.S. importation are fairly taxed, supporting domestic economic growth.
While Customs and Border Protection currently handles tariffs, Trump’s proposed changes will likely increase revenue from foreign transactions and support national economic stability.
Market Reactions and Economic Support
Though some economists fear potential negative reactions from markets, the creation of the ERS aligns with Trump’s broader strategy to secure better trade deals and strengthen the U.S. economy.
Trump’s focus on collecting tariffs more efficiently may bring in more resources to fund national priorities.
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