PANews reported on January 15 that Trump announced the establishment of an "External Revenue Service" on social media, which will be responsible for collecting tariffs, taxes and other funds from foreign income. Trump said that this move is aimed at changing the long-standing US model of relying on domestic taxation and making countries that profit from US trade start paying their "fair share." He said the agency will be officially established on January 20, 2025 (Inauguration Day).