WASHINGTON (Reuters) - U.S. President Donald Trump on Monday said he would tariff and tax countries to enrich Americans, promised an overhaul of the trade system, and said the United States would establish an "external revenue service".

This announcement follows Trump’s threat last month to impose 100 per cent tariffs on Brazil, Russia, India, China, and South Africa (the BRICS nations) if they create a new BRICS currency or back any other currency to replace the US dollar as the world’s reserve currency.

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

US President-elect Donald Trump on Tuesday announced his plans to create the External Revenue Service, a new body aimed at collecting tariffs, duties, and all revenue derived from foreign sources. Trump also criticised the current reliance on domestic taxes through the Internal Revenue Service (IRS) and emphasised the need

The U.S. will create an “External Revenue Service,” Trump said in his remarks, a play on the name of the Treasury’s tax collection agency. Trump asserted that the U.S. will rebalance trade by collecting taxes from foreign countries,

Donald Trump commented on the upcoming tariffs during his first speech after being sworn in. "We will create an External Revenue Service to collect all tariffs, fees, and revenues for this purpose. It will be a huge sum of money from foreign sources,

US President Donald Trump on Monday vowed to embrace trade wars, pledging to impose tariffs and taxes on other countries. Trump made the pledge in a nationalistic inaugural address after being sworn in as the 47th president.

Donald Trump commented on the upcoming tariffs during his first speech after being sworn in. "For this purpose, we will create an External Revenue Service to collect all tariffs, fees, and revenues. It will be a huge sum of money from foreign sources,