President-elect Donald Trump has announced he will create a new "External Revenue Service" to collect income on goods from other countries when he takes power next week. Newsweek has contacted the Trump transition team for comment via email.

The creation of a new agency requires an act of Congress, and Republicans hold the majority of both the House and the Senate.

Trump said his new "external revenue service" will go into effect on January 20 to help the US collect more revenue from foreign countries.

The parallel with the Internal Revenue Service is seen as a signal of the president-elect’s determination to enact sweeping import duties.

President-elect promises to create External Revenue Service to collect tariffs. But will the ERS also impact your spending power?

President-elect Donald Trump ... all foreign-sourced revenue, such as tariffs. “For far too long, we have relied on taxing our Great People using the Internal Revenue Service (IRS).

IRS Commissioner Daniel Werfel says he intends to step down from his position on President-elect Donald Trump’s Inauguration Day.

President-elect Donald Trump has announced his plan to create a federal body charged with taxing and collecting taxes from U.S. trade partners.

Former U.S. Assistant Secretary of State for Economic and Business Affairs weighs President-elect Trump's plan to establish the 'External Revenue Service.'

The new budget forecasts predicted that the United States will record a $1.9 trillion budget deficit this fiscal year and that annual deficits over the next decade will total $21.1 trillion. That will be piled on to a national debt that currently exceeds $36 trillion.

The recent termination of workers in New York and Boston highlights the vulnerability of restaurant employees without legal status.