Trump announced his intention to create the new federal department on Truth Social, writing: "I will create the EXTERNAL REVENUE SERVICE to collect our Tariffs, Duties, and all Revenue that come from Foreign sources. We will begin charging those that make money off of us with Trade, and they will start paying, FINALLY, their fair share."

President-elect Trump said Tuesday he wanted to create an “External Revenue Service” to collect tariffs and other revenue from foreign countries, comparing it to the Internal Revenue Service (IRS), which collects taxes from Americans.

Trump said his new "external revenue service" will go into effect on January 20 to help the US collect more revenue from foreign countries.

Congresswoman Claudia Tenney (NY-24) has reintroduced the Diverting IRS Resources to the Exigent Crisis Today (DIRECT) Act, legislation aimed at reallocating funds from the Internal Revenue Service (IRS) to the U.S. Customs and Border Protection (CBP). Representative Brian Babin (TX-36) is an original cosponsor of the bill.

Trump, 78, has already warned that he will raise tariffs on foreign nations that fail to align with his strict immigration policies.

N.Y., introduced a bill to reallocate funds from Internal Revenue Service (IRS) enforcement to hiring U.S. Customs and Border Protection agents.

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.

U.S. President-elect Donald Trump has proposed the creation of a new agency known as the “External Revenue Service” to collect tariffs, duties, and other revenue from foreign sources. Trump

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

"For far too long, we have relied on taxing our Great People using the Internal Revenue Service (IRS ... U.S. Customs and Border Protection (CBP). That dynamic has prompted pushback from ...

Mr Trump announced “immediate” executive actions to end diversity, equity and inclusion (DEI) programs in the US government, and recognise “only two”, biologically distinct sexes. “As of today, it will henceforth be the official policy of the United States government that there are only two genders, male and female,” Mr Trump said in his speech.

The Trump Tariffs 2.0 are expected to have a material impact on transfer pricing that might be overlooked, say Grant Thornton practitioners.