'Will tax foreign nations to enrich our citizens': Trump sets stage for tariff wars

President Donald Trump listens to Christopher Macchio sing during the 60th Presidential Inauguration in the Rotunda of the U.S. Capitol in Washington, Monday, Jan. 20, 2025. Julia Demaree Nikhinson/Pool via REUTERS

US President Donald Trump on January 20 reiterated his position on the imposition of tariffs on imports and the creation of an external revenue service agency to collect "massive amounts" of tariffs during his inaugural speech at the Capital Rotunda in Washington.

"We will tax foreign countries to enrich our country, we are establishing an external revenue service for this," Trump said as former President Joe Biden and Presidential election rival Kamala Harris looked on.

"I will immediately begin the overhaul of our trade system to protect American workers and families," Trump added.

However, the 47th US President did not mention any specific tariff plans in his inaugural address.

Trump added that his policies would make America "a manufacturing nation once again."

On the campaign trail, he had promised a 10 percent to 20 percent charge on all imported goods and 60 percent on Chinese products. He also vowed a 25 percent tariff on all products from Canada and Mexico, and an additional 10 percent duty on Chinese goods.

Meanwhile, a Reuters report, citing an incoming government official, on January 20 said Trump will issue a broad trade memo which will not impose new tariffs but direct government agencies to review US trade ties with China, Mexico and Canada.

The official, confirming a Wall Street Journal report, said Trump will direct agencies to investigate and remedy persistent trade deficits and address unfair trade and currency policies by other nations.

With agency inputs