Trump's New External Revenue Service Sparks Backlash 🚀
US President Donald Trump just dropped a bombshell 💣 with his announcement of the new External Revenue Service (ERS). While he claims it's a game-changer for collecting tariffs and duties from foreign sources, not everyone is thrilled about it. Critics argue that instead of bringing in more cash for the US, it might end up hurting American businesses and consumers by making them pay more taxes. 💸
\"This is clever marketing, but it doesn't change the fact that American consumers will end up paying these higher tariffs,\" Heather Long, an economic analyst and columnist for The Washington Post, shared on X (formerly Twitter). 🐦
Long isn't alone. Richard Mojica, a customs lawyer at Miller & Chevalier, voiced his confusion over the ERS. \"Trump has created confusion by saying that the External Revenue Service would collect duties and tariffs 'that come from foreign sources'—a term that nobody understands,\" he told The New York Times. 🤔
Even politicians are chiming in. Democratic Senator Ron Wyden from Oregon believes Trump's tax plans will hurt ordinary Americans and benefit the wealthy. \"No amount of silly rebranding will hide the fact that Trump is planning a multi-trillion-dollar tax hike on American families and small businesses to pay for another round of tax handouts to the rich,\" he stated. 🏛️
But Trump remains confident. On Monday, he declared his intent to overhaul the trade system to protect American workers and families. \"Instead of taxing our citizens to enrich other countries, we will tariff and tax foreign countries to enrich our citizens… It will be massive amounts of money pouring into our Treasury, coming from foreign sources,\" Trump said. 💪
Actions have already been set in motion. After the inauguration, the US began targeting its biggest trading partners with new tariffs. Trump signed executive orders imposing 25% tariffs on imported goods from Canada and Mexico on February 1st. 📄
Canada isn't taking it lightly. 🍁 On Tuesday, Prime Minister Justin Trudeau said his country will respond if Trump follows through with imposing tariffs on Canada, stating \"everything is on the table.\" He added, \"We will defend Canada, our workers, our businesses, our economy, and our sovereignty.\" 🇨🇦
The debate is heating up 🔥, and it's clear that Trump's new ERS is stirring the pot both domestically and internationally. Only time will tell how this plays out for the US and its trading partners. 🌐
Reference(s):
cgtn.com
