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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.
They elected a dunce cap for president.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?
Six of one, half a dozen of the other. Really not far afield between the difference between a sales tax and a use tax.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?
Does he understand how tariffs work?
Meh, play on words is all. Foreign countries will still be paying them.Trump graduated with an Economics degree from Wharton.
He is clueless how tariffs work
That does not change the place of origin of a product.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.
How.Meh, play on words is all. Foreign countries will still be paying them.
Who do you think pays the tariffs? And who pays them?How.
I’ll leave it to trump to explain what he meansTrump 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?
The importer. The importer is not the foreign company or country.Who do you think pays the tariffs? And who pays them?
Price Inflation.That will discourage chinese imports and hurt the chinese economy
We can build the same TV in vietnam or the philippines just as well as chinaThe 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).
How?Meh, play on words is all. Foreign countries will still be paying them.
venmoHow?
Do they send us a check?
