President-elect Donald Trump announced he plans to create the External Revenue Service.
Transcript:
Conway Gittens: I’m Conway Gittens reporting from the New York Stock Exchange. Here’s what we’re watching on TheStreet today.
Wall Street is off to a banner start on Wednesday after another market-friendly inflation report. While headline inflation rose 0.4 percent in December, a measure within the CPI which excludes food and energy, rose just 0.2 percent. The so-called core rate had been higher for four months straight. That core rate was up 3.2 percent from a year ago, which also showed a cooling-off in inflation. Investors hope the numbers will mean the Federal Reserve will be more inclined to lower interest rates than policymakers indicated in December.
Trump laid the groundwork for his expansive tariff collection plan in a post on TruthSocial. “For far too long, we have relied on taxing our Great People using the Internal Revenue Service (IRS). Through soft and pathetically weak Trade agreements, the American Economy has delivered growth and prosperity to the World, while taxing ourselves. It is time for that to change.”
Trump went on to say the tariffs will be a way to “begin charging those that make money off of us with trade, and they will start paying, FINALLY, their fair share.”
He has proposed wide-sweeping tariffs on all goods imported into the U.S. including
10 percent tariffs on China and 25 percent tariffs on Canada and Mexico. There had been recent ideas floated in the media that the tariff imposition could be gradual. This post throws those ideas into doubt. He says the “External Revenue Service” will be born on the day of his inauguration.
That’ll do it for your Daily Briefing. From the New York Stock Exchange, I’m Conway Gittens with TheStreet.
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