President-elect Donald Trump announced a plan to create the External Revenue Service for collecting tariffs, aiming to hold foreign nations accountable financially for trade profits.
Trump compared the External Revenue Service to the IRS, noting that it would collect revenues similar to domestic functions already managed by existing agencies.
Amid plans to shrink government size, Trump appointed Elon Musk and Vivek Ramaswamy to lead a task force aimed at cutting federal jobs and regulations.
Despite Trump's tariff agenda, economists warn that such measures could raise consumer costs and are largely ineffective in promoting overall economic prosperity.
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