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.
Trump roasted for coffee tariffs as bipartisan lawmakers spill the beans on price jitters
Bipartisan lawmakers request the Trump admin remove coffee from its reciprocal tariff measures that are "drastically increasing" costs for two-thirds of Americans who drink coffee daily.
Surging tariff revenues set the stage for Trump’s Supreme Court showdown
President Donald Trump considers attending Supreme Court oral arguments next month as tariff revenues reach record $215.2 billion in fiscal 2025.
US businesses and consumers shoulder the bulk of tariff cost burden, Goldman Sachs finds
Economists at Goldman Sachs estimated that U.S. consumers will absorb 55% of tariff costs by the end of 2025, up from their current 37% share of the tariff burden.
Trump warns US will be 'struggling for years' if Supreme Court rules against him on tariffs
President Donald Trump warned the U.S. economy will struggle for years if the Supreme Court strikes down his IEEPA tariffs as being unconstitutional and exceeding his authority.
Film industry split over Trump's proposed tariffs on foreign-made movies
President Trump is proposing a 100% tariff on all foreign-made films, claiming that movie jobs have been “stolen" by international competitors. The film industry is divided on the idea.
Fed's Miran downplays impact of Trump’s tariffs on growth, inflation
Fed Governor Stephen Miran downplays the impact of Trump’s tariffs, saying there’s little evidence they’re hurting growth or driving up prices.
Trump considers historic appearance at Supreme Court tariffs hearing
President Donald Trump is considering attending Supreme Court arguments in a key tariffs case that could shape his trade policy, an unprecedented presidential move.
Ikea raises prices as Trump's furniture tariffs hit retailer
The Trump administration's tariffs on imported furniture is leading Swedish retailer Ikea to pass increased costs to customers through higher prices.
A secret fleet of ‘ghost ships’ moving Russia’s oil could soon enter Trump’s crosshairs
The shadow fleet of unmarked tankers evading international sanctions to deliver Russian crude to India and China is straining trade talks.
LARRY KUDLOW: China going rogue is gonna hurt them a whole lot more than us
President Trump will not stand for China's bad behavior
Whirlpool CEO says Trump tariffs create 'level playing field' for US manufacturing expansion
Whirlpool Corp. CEO Marc Bitzer says $300 million Ohio investment will create 400-600 jobs and level the playing field amid new tariff policies.
Stellantis unveils massive $13B US investment plan
Automaker Stellantis plans $13 billion domestic manufacturing investment to counter President Donald Trump's tariffs that could cost the company $1.7 billion annually.
GM takes $1.6B financial hit as EV tax credit changes force strategy overhaul
GM announced a $1.6 billion third-quarter charge as it revamps its electric vehicle strategy following the end of federal EV tax credits under the Trump administration.
Fed's Powell points to persistent labor market weakness as government shutdown delays official reports
Fed Chair Jerome Powell told economists that the sluggish labor market and tariff-induced inflation are persisting as government shutdown delays official employment reports.
China blasts new US trade curbs, as Treasury secretary notes talks back on track
Treasury Secretary Scott Bessent says U.S.-China communications have improved despite Beijing's combative response to recent American trade restrictions and sanctions.
Trump announces 100% additional tariff on China beginning in November
President Donald Trump escalates trade tensions with China by imposing an additional 100% tariff and software export controls amid rare earth minerals dispute.
Trump threatens 'massive' tariff increase on China amid dispute over rare earth minerals
President Trump threatened to impose "massive" tariffs on China in retaliation for Beijing restricting exports of rare earth minerals that are critical technological components.
CBO reports $1.8 trillion federal deficit as debt costs hit record $1 trillion
The Congressional Budget Office reported a $1.8 trillion federal deficit for fiscal year 2025, driven in part by a record $1 trillion interest costs from servicing the national debt.
Jamie Dimon warns of major market risk in next few years
JPMorgan Chase CEO Jamie Dimon warned of a potential stock market correction within six months to two years due to geopolitical tensions and economic uncertainty.
American soybean farmers face financial crisis as China trade dispute threatens livelihoods
American soybean farmers are facing financial hardship as China shifts purchases to Brazil and Argentina amid ongoing trade tensions over the Trump administration's tariffs.