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.

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 did not immediately impose tariffs on Monday but 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.

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,

The U.S. will create an “External Revenue Service,” Trump said in his remarks, a play on the name of the Treasury’s tax collection agency. Trump asserted that the U.S. will rebalance trade by collecting taxes from foreign countries,

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