President Donald Trump isn’t expected to carry through on his threat to impose sweeping tariffs on the first day of his presidency, a move that economists have warned could lead to higher prices for Americans and hurt U.

WASHINGTON (Reuters) - U.S. President Donald Trump on Monday said he would tariff and tax countries to enrich Americans, promised an overhaul of the trade system, and said the United States would establish an "external revenue service".

Tariffs are taxes on imported goods, and typically their costs are passed along by businesses to buyers of the products, including everyday consumers.

The incoming president has floated numerous tariff plans. Retailers say their livelihood could depend on which ultimately come to fruition.

President Donald Trump has announced to establish the External Revenue Service to "tariff and tax foreign countries" instead of taxing US citizens. Trump vowed to "overhaul" the trade system "to protect American workers and families.

US President Donald Trump on Monday vowed to embrace trade wars, pledging to impose tariffs and taxes on other countries. Trump made the pledge in a nationalistic inaugural address after being sworn in as the 47th president.

Donald Trump commented on the upcoming tariffs during his first speech after being sworn in. "We will create an External Revenue Service to collect all tariffs, fees, and revenues for this purpose. It will be a huge sum of money from foreign sources,