Trump stated, "Through soft and pathetically weak Trade agreements, the American Economy has delivered growth and prosperity to the World, while taxing ourselves. It is time for that to change." This highlights his belief that trade agreements have unfairly burdened American taxpayers and calls for a shift in tax policy.
Trump declared his intent with the new agency, saying, "We will begin charging those that make money off of us with Trade, and they will start paying, FINALLY, their fair share." This emphasizes his focus on rebalancing international trade dynamics.
The creation of the External Revenue Service raises questions about whether it will replace the efforts of Customs and Border Protection and the IRS, creating potential bureaucracy that conflicts with Trump's efficiency goals.
Experts from the conservative-leaning Tax Foundation estimate that a 20% universal tariff would generate $4.5 trillion over ten years, but caution that negative economic effects could diminish this revenue.
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