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 administration official says Wall Street tariff inflation fears like 'waiting for Godot'
A key official in the Trump administration's economic team touted the July CPI inflation report as evidence that tariff-induced inflation isn't going to materialize as economists fear.
AriZona iced tea’s 99-cent price may finally end after 30 years — tariffs could be to blame
AriZona founder Don Vultaggio warns the company may raise prices for the first time in decades if Trump's 50% aluminum tariffs take effect.
Trump slams Goldman Sachs CEO over tariff predictions: 'Focus on being a DJ'
President Donald Trump criticized Goldman Sachs CEO David Solomon over a tariff report showing U.S. consumers ultimately bear the costs, telling him to focus on being a DJ instead.
Trump postpones China tariff deadline 90 days after touting ‘very good’ relationship with Xi
Treasury Secretary Scott Bessent participated in trade negotiations with China in May that resulted in a deal to temporarily ease up on strict tariffs imposed in April for 90 days.
Gold prices fall from record highs after Trump clarifies tariffs won't hit bullion imports
U.S. gold futures dipped from record highs after the Trump administration clarified that it won't impose tariffs on commonly traded gold bars, after confusion caused prices to rise.
Trump says gold will not be tariffed amid rumors it might be following US Customs and Border Patrol ruling
President Donald Trump clarifies that gold imports will not be tariffed in new Truth Social announcement, following uncertainty over the matter stemming from U.S. Customs ruling.
Trump calls tariff windfall 'so beautiful to see' as cash sails in
President Trump praised tariff revenues during a White House briefing, calling the $25 billion surge in excess cash flow "beautiful" and crediting his trade policies.
Fed governor maintains outlook for three interest cuts in 2025
Fed Governor Michelle Bowman spoke this weekend and maintained her projection of three interest rate cuts in 2025 despite the central bank leaving rates unchanged at its July meeting.
Inflation report drops Tuesday as economists warn prices are going up
The July CPI inflation report will be released on Tuesday with economists expecting prices ticked higher as more tariffs took effect, complicating the Fed's rate cut outlook.
US budget deficit has widened by $109B from a year ago despite influx of tariff revenue
The federal budget deficit increased by $109 billion in first 10 months of fiscal year 2025 despite a $70 billion boost from the Trump administration's tariffs on imported goods.
Canada slashes tens of thousands of jobs in sharp economic shift after Trump imposed tariffs
Canada's labor market stumbled in July with a loss of 40,000 jobs, driven by U.S. tariffs under Trump that continue to hit the country’s manufacturing sector.
Sanctioning Russia Act threatens Moscow, allies with 500% tariffs
The legislation grants President Donald Trump sweeping authority to impose economic, financial and trade penalties should Moscow refuse to negotiate peace, violate an existing agreement or launch further attacks.
Fed official calls July jobs report 'concerning' as economy hits potential turning point
Fed Governor Lisa Cook said that the weak July jobs report and large downward revisions suggest the U.S. economy could be at a "turning point" as businesses face elevated uncertainty.
Trump 'Liberation Day' reciprocal tariffs take effect
President Donald Trump's tariff increases took effect Thursday as trade tensions escalate, with countries like Canada and India facing high duties.
Trump's higher tariffs go into effect on dozens of countries
President Donald Trump's higher import taxes on dozens of countries went into effect on Thursday, impacting more than 60 countries and the European Union.
Trump raises tariffs on India, Canada, Brazil and others over stalled trade deals
The Trump administration implements sweeping tariffs while securing deals with key partners and maintaining temporary truces with Mexico and China.
Trump hits India with 25% tariff over Russia oil purchases
President Donald Trump imposes 25% tariff on Indian imports through executive order citing the country's purchases of Russian oil amid Ukraine war.
Trump to 'substantially' hike India tariffs, accuses country of fueling 'Russian war machine'
President Trump announces substantial tariff increases on India, accusing the country of profiting from Russian oil purchases while Ukraine war persists.
US collects $29B in tariff revenues in July, setting new monthly record
The U.S. collected more than $29 billion in tariff revenues in July, the highest monthly total to date so far this year, bringing the total to $152 billion.
China’s trade deadline ‘under discussion’ after Washington has positive talks with Beijing: US Trade Rep
U.S. Trade Representative Jamieson Greer says negotiations with China are progressing positively as both sides work to avoid tariffs snapping back to 84%.