Welcome to The Hill's Business & Economy newsletter {beacon} Business & Economy Business & Economy   The Big Story  Trump announces ‘External Revenue Service’ for tariffs President-elect Trump said Tuesday he wants to create an “External Revenue Service” to collect tariffs and other revenue from foreign countries. © Evan Vucci, Associated Press Trump likened the "ERS" to the agency that collects taxes from Americans. “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,” Trump said on Truth Social. “It is time for that to change. I am today announcing that I will create the EXTERNAL REVENUE SERVICE to collect our Tariffs, Duties, and all Revenue that come from Foreign sources.” Trump has said he would sign an executive order on his first day in office to enact tariffs of 25 percent on all Canadian and Mexican goods and add another 10 percent tariff on all Chinese goods. “We will begin charging those that make money off of us with Trade, and they will start paying, FINALLY, their fair share. January 20, 2025, will be the birthdate of the External Revenue Service. MAKE AMERICA GREAT AGAIN!” Trump added in Tuesday’s post. Customs and Border Protection, which is housed within the Department of Homeland Security, is currently responsible for collecting tariffs from U.S.-based importers of foreign goods subject to import taxes. The Hill's Alex Gangitano has more here.   Welcome to The Hill’s Business & Economy newsletter, we’re Aris Folley and Taylor Giorno — covering the intersection of Wall Street and Pennsylvania Avenue.   Did someone forward you this newsletter? Subscribe here.   Essential Reads  Key business and economic news with implications this week and beyond:   House GOP tax writers call for cuts ‘as soon as possible’ Republican tax writers boosted pressure on the rest of their party on Tuesday to pass tax cuts as their top legislative priority.  Full Story   Bannon says he realizes Musk ‘not going to be totally out’ of MAGA Steve Bannon said Tuesday that tech billionaire Elon Musk is “not gonna be totally out” of the MAGA movement, even as the former adviser to President-elect Trump has lobbed criticism at the tech billionaire.  Full Story   O’Leary: Activity at Mar-a-Lago covered by ‘off-the-record social media policy’ “Shark Tank” investor Kevin O’Leary said in a new interview conversations and other activities at President-elect Trump’s Florida resort Mar-a-Lago are covered by an “off-the-record social media policy.”   Full Story   PBMs made billions marking up specialty drugs by more than 1,000 percent: FTC The Federal Trade Commission (FTC) on Tuesday released its second interim report on pharmacy benefit managers (PBM), saying the major industry middlemen generate billions in revenue through vertical integration, industry dominance and marking up the prices of specialty drugs.  Full Story   COMING UP The Hill's Evening Report breaks down the day's big political stories and looks ahead to tomorrow. Click here to sign up & get it in your inbox     The Ticker  Upcoming news themes and events we're watching: The Labor Department will release consumer price index data, a key inflation gauge, for December on Wednesday at 8:30 am ET. Russell Vought, Project 2025 co-author and President-elect Trump’s pick to head the Office of Management and Budget, will appear before senators on Wednesday at 1 pm ET.   In Other News  Branch out with more stories from the day: The tax deadline for some small businesses affected by disasters in 2024 is drawing near NEW YORK (AP) — The tax deadline for some small businesses affected by severe weather in 2024 is drawing … Full Story   Good to Know  Business and economic news we've flagged from other outlets: Dow rises 100 points as traders await more inflation data (CNBC) Soon to be out of a job, Meta’s fact-checkers battle a blaze of wildfire conspiracy theories (CNN) Rubio Set to Say China Cheated Its Way to Superpower Status (Bloomberg)   What Others are Reading  Top stories on The Hill right now: Hegseth survives attacks from Democrats in testy Senate hearing Pete Hegseth on Tuesday battled through a high-stakes Senate hearing in which Democrats sought to paint the Pentagon nominee as inexperienced, unprofessional and toxic due to allegations of sexual abuse and heavy drinking. Read more Democrats’ hopes of derailing Trump nominees fading fast Democrats’ hopes of defeating any of President-elect Trump’s Cabinet nominees appear to be fizzling as Senate committees prepare for the first week of hearings. Read more   What People Think  Opinions related to business and economic issues submitted to The Hill: It’s up to the courts to save the US Steel Nippon deal  These two careers are about to have a very profitable 2025      You're all caught up. See you tomorrow!  Close Thank you for signing up! Subscribe to more newsletters here The latest in politics and policy. Direct to your inbox. Sign up for the Business and Economy newsletter Subscribe