Tariffs are taxes or duties imposed by the federal government on imported goods. These charges are typically used to generate revenue, protect domestic industries from foreign competition, or influence trade policy. Tariffs are assessed as a percentage of the value of imported goods and are collected by U.S. Customs and Border Protection at the time of entry into the country.
The U.S. tariff system is governed primarily by the Harmonized Tariff Schedule of the United States (HTSUS), which classifies goods and specifies the applicable duty rates. The authority to impose or adjust tariffs lies with Congress, but the president may also modify tariffs under certain trade laws, such as the Trade Expansion Act of 1962 and the Trade Act of 1974. These provisions allow for tariffs based on national security, trade imbalances or retaliation for unfair practices.
The use of tariffs can have wide-ranging economic effects. They may lead to increased prices for consumers and businesses that rely on imported materials, while benefiting domestic producers facing reduced competition. Tariffs can also prompt retaliatory measures from trading partners, potentially escalating into trade conflicts.
Canada responds after Trump halts trade talks over digital services tax
Canada proceeds with digital services tax despite Trump's threat to terminate trade talks, as tech companies face a 3% tax on revenue from Canadian users retroactive to 2022.
Trump says US terminating all trade talks with Canada over digital services tax
President Donald Trump said on Friday that because of Canada’s digital services tax on American tech companies, the U.S. will end all trade talks with its northern neighbor.
Treasury secretary reveals 'peace deals' with China as rare earth supplies set to flow
President Trump's trade talks with China have led to "de-escalation," according to Secretary Bessent, who shared new details about the tariff negotiations.
US economy shrank 0.5% in the first quarter of 2025 amid tariff uncertainty
The Commerce Department released its third estimate of U.S. gross domestic product for the first quarter and found the economy contracted at an annual rate of 0.5%.
Trump warns Spain: Pay up for defense or pay 'twice as much' in trade negotiations
President Donald Trump slams Spain as NATO's "only country that won't pay up" to the 5% defense spending target, warning of trade repercussions while the alliance pushes for increased military funding.
US trade faces pressure in Middle Eastern markets amid recent Israel-Iran conflict and Trump tariffs
Recent conflict in the Middle East and tariffs imposed by the Trump administration has made more businesses war of possible disruptions.
Fed Chair Powell says US economy in a 'solid position' as central bank weighs rate cut timing
Fed Chair Jerome Powell testified that the U.S. economy is in a "solid position" with unemployment relatively low and inflation slightly above the central bank's 2% target.
Fed governor breaks ranks with Powell, signals rate cuts could begin next month
Federal Reserve Governor Waller signaled potential interest rate cuts as early as July, despite the Fed's decision to hold rates steady over inflation worries amid Trump's criticism.
Larry Kudlow: Federal Reserve groupthink is a bureaucratic disease
The Fed is plagued with a bureaucratic disease. There is no diversity of thought, just a mindless war on a Tariff boogeyman
Will pressure from Trump and Vance spur Powell to cut interest rates?
Federal Reserve likely to keep interest rates unchanged for fourth straight meeting despite President Donald Trump and Vice President JD Vance's criticism, with markets anticipating potential cuts later this year.
Inflation increased slightly on an annual basis in May
The Bureau of Labor Statistics reported that the consumer price index (CPI) increased in May, as inflation remained above the Federal Reserve's 2% target.
Consumers are paying the costs for Trump's tariffs: New York Fed
Federal Reserve Bank of New York finds 75% of businesses facing tariff-induced cost increases are raising prices amid uncertainty about future tariff policies.
US and China meet in London for round 2 of high-level trade talks
U.S.-China trade negotiations begin in London with top officials addressing rare earth mineral exports, which China controls 90% of, following recent tariff reductions
PETER NAVARRO: Trump’s 50% steel tariff is a necessary shield for American industry
Trump increases steel tariffs to counter foreign market manipulation as global overcapacity reaches 600 million metric tons and U.S. steel industry faces financial challenges.
Trump, South Korea's new president agree to make a deal on tariffs that would satisfy both countries
South Korea's new President Lee Jae-myung said he and President Donald Trump agreed to quickly work toward a deal on tariffs in their first phone call since Lee's election victory.
Delta warns against imposing new tariffs on commercial planes, parts, amid national security probe on imports
Delta urges government not to impose new tariffs in comment submitted in connection with federal probe into the national security impact of commercial plane, jet engine and part imports.
Job growth continued to slow in May amid economic uncertainty
The Labor Department reported that the U.S. economy added 139,000 jobs in May, as employers slowed the pace of hiring amid uncertainty over economic conditions and policies.
German chancellor hopes US will bring down tariffs, says 'best thing for mutual wealth' is open markets
German Chancellor Friedrich Merz is pushing for a trade agreement between the European Commission and the U.S. that brings down the tariffs that are threatening his community.
Airline, aerospace industries warn Trump tariffs could risk air safety, supply chains
Airline and aerospace groups warned that President Donald Trump’s tariffs on planes, engines and parts could increase ticket prices, harm the supply chain and threaten aviation safety.
Meat prices stay high as cattle numbers hit lowest level since 1950s
Beef prices stay high as U.S. cattle hits record low. Omaha Steaks CEO says relief may not come until 2026, despite herd rebuilding and trade efforts.