Trump to Impose Tariffs and Taxes on Foreign Countries to Boost U.S. Economy

In his inaugural address on Monday, U.S. President Donald Trump announced plans to implement tariffs and taxes on foreign countries as part of a broader effort to enrich Americans and revamp the trade system.

Trump revealed the creation of an “external revenue service” dedicated to collecting tariffs, duties, and revenues from foreign sources.

“We are establishing the external revenue service to collect all tariffs, duties, and revenues. It will be massive amounts of money pouring into our treasury, coming from foreign sources,” Trump said.

The policy signals a significant shift in U.S. trade relations and aims to generate substantial income for the country’s treasury.