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Trump Directs Federal Agencies to Probe U.S. Trade Deficits

Jan 21, 2025, 3:32 a.m. ET

AsianFin -- U.S. President Donald Trump did not immediately impose tariffs on Monday as promised during his presidential campaign but told federal agencies to "investigate and remedy" persistent U.S. trade deficits and unfair trade practices and currency manipulation by other countries.

Trump, sworn in as the 47th president on Monday, said in his inaugural address the U.S. would collect "massive amounts" of income from foreign trade duties as his administration works to rebuild American industry.

"Tariffs are going to make us rich as hell," Trump later told supporters at Capital One Arena in Washington. "It's going to bring our country's businesses back that left us."

While Trump mentioned no specific tariff plans in his inaugural address, he said they were coming, to be collected by a new agency called the External Revenue Service. Trump added that his policies would make America "a manufacturing nation once again."

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