President-elect Donald Trump announced plans to create an External Revenue Service to collect tariffs, duties, and all revenue from foreign sources. Trump said the new agency would launch on his first day in office. The ERS aims to shift the burden of taxation away from U.S. citizens and onto foreign trade partners. Trump is considering declaring a national economic emergency to implement new tariffs. He plans to increase tariffs on Chinese imports by 10% and impose 25% fees on products from Canada and Mexico.