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I would like to create a new WordPress tag from plugin programmatically. Which function should I call

You can use wp_insert_term function to create a new tag for “post_tag” taxonomy

wp_insert_term(
  'New Tag Name', // the term 
  'post_tag', // the taxonomy
  array(
    'description'=> 'Tag Desc.',
    'slug' => 'new-tag',
    'parent'=> $parent_term_id
  )
);