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The Trump administration’s former assistant secretary of state for economic and business affairs, Manisha Singh, weighs in on the president-elect’s plan to create a “foreign revenue service.”
President-elect Trump’s plan to establish the “Foreign Revenue Service” is drawing attention from key economic experts, including Manisha Singh.
During an exclusive interview with FOX Business’ Edward Lawrence, Trump’s former State Department chief economist Manisha Singh praised the “innovative” plan, arguing that the move will “scare” countries that do business in the US
TRUMP ANNOUNCES NEW FOREIGN REVENUE SERVICE TO RECOVER FOREIGN MONEY
“This is classic President Trump. He’s innovative. He’s thinking outside the box. He’s thinking about what we can do to improve the functions of government for the American people. And I think the words ‘Internal Revenue Service’ scare the hearts of many American taxpayers And the purpose of an external revenue service would be to look at exactly that,” the economic expert argued.
Donald Trump speaks to guests during a campaign stop at Drake Enterprises, an auto parts maker, on September 27, 2023 in Clinton Township, Michigan. (Scott Olson/Getty Images/Getty Images)
President-elect Donald Trump revealed on Tuesday that he plans to establish a new agency called the “Foreign Revenue Service,” which will work to collect tariffs, duties and revenue from foreign countries.
Trump took to Truth Social to make the announcement, writing that it’s time to change the “soft and” U.S. pathetically weak trade deals.”
CANADA READIES RESPONSE TO TRUMP TARIFFS: ‘THERE ARE NO WINNERS IN A TRADE WAR’
“We will start charging those who make us money from trade, and they will finally start paying their fair share,” President-elect Donald Trump wrote Tuesday.
Former Canadian Foreign Minister John Baird weighs in on Prime Minister Justin Trudeau’s threat of retaliatory tariffs and relations with the US.
Continuing his support for the “ERS,” Singh argues that the single organization can create a “system” to properly regulate rates, a major talking point for Trump’s presidential campaign.
TRUMP ANNOUNCES NEW FOREIGN REVENUE SERVICE TO RECOVER FOREIGN MONEY
“When people hear the words ‘tariff,’ they worry about consumer prices, they worry about how those fees will be charged and collected,” Singh began.
Although the tariff strategy of the president-elect has made some Americans uncomfortableSingh argues that the “External Revenue Service” will “provide comfort” for the plan.
“If you put in a system where you look at these fees, how they’re instituted, how they’re collected, it’s going to provide some comfort to people who don’t understand and who feel that maybe there’s not a regulated enough thought process about how to set the rates,” he concluded.
