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.
25 Democrat-led states sue Trump over new tariffs, calling them illegal end run around Supreme Court
New York Attorney General Letitia James leads 25 Democrat-led states in a lawsuit challenging Trump's latest Section 301 tariffs on 59 countries.
US soybean farmers race to meet global demand as farmland shrinks
American soybean growers are producing more with fewer farms and less land while pursuing exports and new industrial uses for their crops.
Trump defends tariffs ahead of looming midterms, says they have made the US ‘a fortune’
President Donald Trump defended his administration’s tariffs on Tuesday, telling "Fox & Friends" that they have made the United States "a fortune."
Trump administration unveils new tariffs on 60 trading partners as temporary duties expire
New tariffs of 10% and 12.5% hit 60 trading partners Friday as the temporary global tariff expires, with Canada, India, the EU and Taiwan affected.
Trump unveils phased tariffs on generic drugs to boost US production
The White House said the policy will be implemented under Section 232 authority, giving drugmakers two years to shift generic drug production to the U.S. before tariffs rise.
Trump administration hits Canada with 50% tariff over alleged trade 'discrimination'
The Trump administration will impose a 50% tariff on certain Canadian imports next month, arguing Canada's tax policies unfairly discriminate against American businesses.
What are the main sticking points in the Trump admin's trade negotiations with Canada, Mexico?
Trump administration won't renew USMCA, plans to pursue bilateral trade deals with Canada and Mexico to address trade deficits and market access.
Trump declares food supply emergency, suspends tariffs on key fertilizer imports
President Trump declared a food supply emergency and temporarily suspended tariffs on certain Moroccan fertilizer imports to help ensure farmers have enough supplies.
Trump threatens 100% tariff on French wines over digital services tax before G7 summit
President Donald Trump warns France of 100% tariffs on wine and champagne if Macron does not drop the 3% digital services tax on American technology companies.
Trump administration plans new tariffs on 60 trading partners over forced labor import enforcement failures
Trump administration plans tariffs of 10% or 12.5% on 60 trading partners found neglecting forced labor import bans, says Ambassador Jamieson Greer.
Amazon accused of keeping hundreds of millions in tariff costs to curry favor with Trump administration
Amazon faces a class action lawsuit accusing the company of retaining unlawful tariff costs instead of refunding consumers who paid higher prices.
Trump orders federal agencies to prioritize American-made goods and curb waiver use
President Trump says federal agencies must prioritize American-made products, pledging to close waiver loopholes and boost domestic manufacturing enforcement.
Nike faces class action lawsuit accusing it of pocketing tariff refunds while charging consumers more
Nike faces a class action lawsuit alleging it failed to refund tariff-related costs passed to consumers through higher prices on footwear and apparel.
Trump ramps up tariffs on European cars imported into US
President Donald Trump announced he'd be reimposing 25% tariffs on EU vehicles after the trade partner allegedly did not hold up its end of the two bodies' trade deal
Trump says King Charles ‘got me to’ drop whisky tariffs after royal visit
President Trump announced the removal of restrictions on the Scotch and bourbon trade to enhance barrel exchange between Scotland and Kentucky.
US shrimpers face ‘double whammy’ from soaring fuel costs, tariff refunds
Rising fuel costs and tariff refund policies are pressuring U.S. shrimpers, with some delaying trips as profitability declines.
Trump admin to begin refunding $166B to businesses in wake of Supreme Court decision
Businesses can now seek repayment of tariffs imposed under emergency powers after a Supreme Court ruling in February invalidated the policy.
Ford seeks Trump aluminum tariff relief after fires at major US factory, report says
Ford and other U.S. automakers have reportedly asked the Trump administration for aluminum tariff relief after fires disrupted a major American factory's output.
One year later, Trump tariffs generated billions as refunds take shape
One year after Trump’s “Liberation Day" tariffs, many have been struck down, with officials working to refund roughly $166 billion in duties.
Trump slams Supreme Court justices he appointed as ‘bad for our country’ after tariff ruling
Trump said two Supreme Court justices he appointed "sicken" him after they joined the majority in blocking his sweeping tariff agenda under the IEEPA.