U.S. President-elect Donald Trump said on Tuesday he will create a new government agency called the External Revenue Service "to collect tariffs, duties, and all revenue" from foreign sources as he readies new import tariffs ahead of his inauguration next week.

Despite vows to shrink the federal government, the President-elect wants to create a new agency for these taxes, even though the Commerce Department and the Customs and Border Patrol now handle these levies.