President-elect Trump on Tuesday said he wanted to create an “External Revenue Service” to collect tariffs and other revenue from foreign countries, comparing it to Internal Revenue Service (IRS) that collects taxes from Americans.

U.S. President-elect Donald Trump said on Tuesday he will create a new department called the External Revenue Service "to collect tariffs, duties, and all revenue" from foreign sources. Trump said in a social media post he would create the department on Jan.

Trump declared next Monday will be the “birth date” of the IRS counterpart as tariffs become a core storyline at the start of his second term.