President-elect Donald Trump has announced his plan to create a new agency called the External Revenue Service. This is an inversion of the Internal Revenue Service (IRS), and, as the new agency’s name suggests, its focus will be on collecting money from outside the United States—including through the use of tariffs.

In other news, special counsel Jack Smith has officially left his position. The federal investigation and charges against Trump have now come to an end. But before leaving, part of Smith’s report on one case has been released to the public. In it, Smith alleges that had Trump not won the 2024 election, there would have been enough evidence for a criminal conviction. Trump, meanwhile, has strongly criticized the report and Smith, arguing it was part of a politicized campaign to target him.