Trump says he’s creating ‘External Revenue Service’ for tariffs

[Zincwarrior]

Trump posted on Truth Social that he wants to create an External Revenue Service to collect tariffs on foreign countries. Apparently he does not understand that tariffs are against importers, paid by their customers (US consumers). Does he understand how tariffs work?

https://thehill.com/homenews/administration/5084725-trump-external-revenue-service/

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

“For far too long, we have relied on taxing our Great People using the Internal Revenue Service (IRS). Through soft and pathetically weak Trade agreements, the American Economy has delivered growth and prosperity to the World, while taxing ourselves,” Trump said on Truth Social.


“It is time for that to change. I am today announcing that I will create the EXTERNAL REVENUE SERVICE to collect our Tariffs, Duties, and all Revenue that come from Foreign sources.”

Trump announced the new agency as he looks to ramp up tariffs on goods from Canada, Mexico and China. He said he will enact tariffs of 25 percent on all Canadian and Mexican goods, and add another 10 percent tariff to all Chinese goods, through an executive order on his first day in office, which is Monday.

“We will begin charging those that make money off of us with Trade, and they will start paying, FINALLY, their fair share. January 20, 2025, will be the birthdate of the External Revenue Service. MAKE AMERICA GREAT AGAIN!” Trump added on Tuesday.

 

[IM2]

Trump posted on Truth Social that he wants to create an External Revenue Service to collect tariffs on foreign countries. Apparently he does not understand that tariffs are against importers, paid by their customers (US consumers). Does he understand how tariffs work?

https://thehill.com/homenews/administration/5084725-trump-external-revenue-service/

They elected a dunce cap for president.

 

[TNHarley]

Collecting tariffs is currently the responsibility of Customs and Border Protection (CBP), which is housed within the Department of Homeland Security.

Under the current system, CBP collects tariffs from U.S.-based importers of foreign goods subject to import taxes. The importer — not the foreign country or company from which the product was exported — must pay the tax to CBP.

 

[Dekster]

Trump posted on Truth Social that he wants to create an External Revenue Service to collect tariffs on foreign countries. Apparently he does not understand that tariffs are against importers, paid by their customers (US consumers). Does he understand how tariffs work?

https://thehill.com/homenews/administration/5084725-trump-external-revenue-service/

Six of one, half a dozen of the other. Really not far afield between the difference between a sales tax and a use tax.

 

[rightwinger]

Does he understand how tariffs work?

Trump graduated with an Economics degree from Wharton.
He is clueless how tariffs work

 

[TNHarley]

Trump graduated with an Economics degree from Wharton.
He is clueless how tariffs work

Meh, play on words is all. Foreign countries will still be paying them.

 

[Bleipriester]

Collecting tariffs is currently the responsibility of Customs and Border Protection (CBP), which is housed within the Department of Homeland Security.

Under the current system, CBP collects tariffs from U.S.-based importers of foreign goods subject to import taxes. The importer — not the foreign country or company from which the product was exported — must pay the tax to CBP.

That does not change the place of origin of a product.

 

[Zincwarrior]

Meh, play on words is all. Foreign countries will still be paying them.

How.

 

[TNHarley]

How.

Who do you think pays the tariffs? And who pays them?

 

[Mac-7]

Trump posted on Truth Social that he wants to create an External Revenue Service to collect tariffs on foreign countries. Apparently he does not understand that tariffs are against importers, paid by their customers (US consumers). Does he understand how tariffs work?

https://thehill.com/homenews/administration/5084725-trump-external-revenue-service/

I’ll leave it to trump to explain what he means

Yes the tariffs are collected from whorver imports the foreign goods

If the stuff is made in china then its in Americas best interests to charge very high tariffs

That will discourage chinese imports and hurt the chinese economy

 

[Zincwarrior]

Who do you think pays the tariffs? And who pays them?

The importer. The importer is not the foreign company or country.
If Walmart imports a TV for $300. Is the administration puts a tariff of $300 on it - who pays that tariff? Walmart
How much does Walmart have to charge to cover the cost of the TV? $600 (plus other normal expenses and profit).

 

[Zincwarrior]

That will discourage chinese imports and hurt the chinese economy

Price Inflation.

 

[Mac-7]

The importer. The importer is not the foreign company or country.
If Walmart imports a TV for $300. Is the administration puts a tariff of $300 on it - who pays that tariff? Walmart
How much does Walmart have to charge to cover the cost of the TV? $600 (plus other normal expenses and profit).

We can build the same TV in vietnam or the philippines just as well as china

 

[rightwinger]

Meh, play on words is all. Foreign countries will still be paying them.

How?
Do they send us a check?

 

[TNHarley]

How?
Do they send us a check?

venmo

 

[the watcher]

I see this as a huge expansion of the federal gooberment, and more red tape and limited results. How can the actual value of goods shipped can be evaluated when less than 2% of shipping containers are inspected? Therefore, we get the double whammy of increased street prices and more dubious government "workers".

 

[22lcidw]

They elected a dunce cap for president.

You an African American know that Joe's policies hurt African Americans. Trump is a populist who is going to try to cut the waste in government while giving the working class a tax cut.

 

[konradv]

I’ll leave it to trump to explain what he means

Yes the tariffs are collected from whorver imports the foreign goods

If the stuff is made in china then its in Americas best interests to charge very high tariffs

That will discourage chinese imports and hurt the chinese economy

Deliberately hurting trade with one country hurts all trade. The world is interconnected in a way that Trump doesn’t understand and whose simplistic solutions will cause global chaos.

 

[Mac-7]

Deliberately hurting trade with one country hurts all trade. The world is interconnected in a way that Trump doesn’t understand and whose simplistic solutions will cause global chaos.

China is not just some random little country on the planet that you think we must trade with for the sake of globalist economic theory

Its a threat to our economy and way of life

 

[Moonglow]

Trump posted on Truth Social that he wants to create an External Revenue Service to collect tariffs on foreign countries. Apparently he does not understand that tariffs are against importers, paid by their customers (US consumers). Does he understand how tariffs work?

https://thehill.com/homenews/administration/5084725-trump-external-revenue-service/

More and bigger government