Trump's tax on imports

 The Hill:

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.

“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 is looking 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 in Tuesday’s post.
...

This would obviously mean that imported goods would cost more for Americans.  It could give some domestic producers a better chance of selling their goods which are already taxed. 

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