Yellen Criticizes Trump's Proposed Agency as Redundant

U.S. Treasury Secretary Janet Yellen has expressed concern over President-elect Donald Trump's plan to create a new agency for tariff collection. According to Yellen, this initiative, which involves establishing a so-called 'External Revenue Service', would duplicate existing efforts and not yield cost savings for American taxpayers.

U.S. Treasury Secretary Janet Yellen has voiced criticism against President-elect Donald Trump's proposal to establish a new government agency for collecting tariffs, labeling it unnecessary and financially inefficient. Yellen articulated her views during an appearance on "The Late Show with Stephen Colbert."

The proposal, announced via Trump's social media platform Truth Social, involves creating an "External Revenue Service." This plan, according to Yellen, would merely replicate existing agency functions rather than offering financial benefits for taxpayers.

Yellen highlighted that the formation of an additional agency seems counterproductive if the aim is to reduce costs for American citizens, underscoring her skepticism about the plan's practicality and potential effectiveness.

(With inputs from agencies.)