America’s newly elected President Donald Trump has made a big announcement before assuming office. Trump has announced the creation of another department to collect tariffs and other revenues from foreign countries. Its name will be External Revenue Services Department. While sharing a post on social media, Trump wrote that we will charge a fee from those who earn money through business with us. Democratic lawmakers opposed Trump’s new plan. Trump said he planned to create an Internal Revenue Service agency that would be similar to the Internal Revenue Service agency that collects US taxes.
Veteran businessman Elon Musk and industrialist Vivek Ramaswamy are busy preparing for Trump’s swearing-in ceremony. Under the new department, there is a plan to abolish thousands of old rules and reduce the number of government employees. The department will seek to eliminate government bureaucracy, reduce unnecessary regulations, cut waste and reorganize federal agencies. Trump talked about imposing 25 percent tariff on goods coming from Mexico and Canada and 60 percent tariff on goods coming from China.
Oregon Senator Ron Wyden, the top Democrat on the Senate Finance Committee, called Trump’s plan flawed. He said Trump’s plan is to give tax breaks to the rich and increase taxes on American families and small businesses. Newly elected US President Trump has already said that he will create a new agency which will take over the functioning of the existing agencies.
