| There’s campaigning and then there’s governing. President-elect Donald Trump made clear in his third run for the White House that tariffs — 10% to 20% on all imported goods and 60% or higher on shipments from China — were central to his foreign and economic policies. And just today he said he’d create an “External Revenue Service” to collect those duties (a task now handled by Customs and Border Protection). The details of how all this would work are left to his advisers and staff, who’ll have to weigh the impact on the US economy and markets.  Trump Photographer: Valerie Plesch/Bloomberg One idea in the early stage of discussion among some of Trump’s top advisers is a slow ramp up of tariffs, by about 2% to 5% a month, Bloomberg’s Jenny Leonard and Saleha Mohsin report. That approach, using emergency executive authorities, is intended to strengthen Trump’s hand in negotiating with allies and adversaries alike, while helping avoid a spike in inflation. The proposal hasn’t made it to Trump yet, Leonard and Mohsin report, and the transition team referred to the president-elect’s previous public comments and social-media posts about tariffs. Multiple reports have emerged since the election on how aggressively he will implement tariffs. Trump called one account about possibly shrinking his tariff plans false. One thing that is clear is that there are differences within Trump world over his agenda and how to implement it, and the policy arguments are beginning to spill into the open. Public disputes among his key economic advisers during his first term led to frequent reversals on policy. The uncertainty is leaving economists, companies and markets guessing. Investors have been selling Treasuries as fears grow that inflation will stick around, partly because of new tariffs. That’s creating a headwind for stocks and the broader economy. Trump has said he wants to get rolling on his agenda as soon as he’s sworn in on Monday. But there’s a lot of unfinished business on tariffs and how to collect them. — Joe Sobczyk | 
