United States President Donald Trump is considering announcing the creation of the external revenue service during his address later today, when he is expected to introduce sweeping new tariffs, CBS reported on Wednesday.
The new tax agency would be tasked with collecting revenue obtained from tariffs the Trump administration already imposed or intends to impose on foreign countries. The president had previously promised to establish such an agency, while Commerce Secretary Howard Lutnick stated Trump intended to abolish the Internal Revenue Service (IRS).
The White House did not provide a comment.
