Trump Pitches External Revenue Service to Collect Tariffs: What to Know

President Trump has proposed to generate significant revenue through tariffs on foreign products, leading to the creation of a new agency, the External Revenue Service, to handle collection. Despite the unclear specifics of the agency, tariff revenue is currently collected by U.S. Customs and Border Protection, with the bulk coming from U.S. businesses importing goods. Importers, not foreign countries, pay the tariffs, and the revenue collected has increased under Trump, but economists warn of potential negative effects on deficits, growth, and consumer prices.

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