The creation of a separate department will likely need congressional support, though Trump could try to establish the department within a different existing agency.

In a bold move, President-elect Donald Trump has announced plans to establish the External Revenue Service, a federal agency aimed at overseeing tariffs and foreign income.

U.S. President-elect Donald Trump said on Tuesday he will create a new government agency called the External Revenue Service "to collect tariffs, duties, and all revenue" from foreign sources as he readies new import tariffs ahead of his inauguration next week.