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 calls Canada's potential EU associate membership 'laughable,' warns Europe of 'very heavy tariffs'
President Trump called Canada's proposed European Union associate membership "laughable" and threatened heavy tariffs on Europe if made with "bad intention."
Irish golf fans chant 'U-S-A' after Trump announces end of tariffs on Irish whiskey
Irish golf fans chanted "U-S-A" after President Donald Trump announced an end to U.S. tariffs on Irish whiskey at the Irish Open on Sunday.
Trump says US can 'easily' afford $1.2T price tag for $5K dividend to adults
President Donald Trump doubled down on his $5,000 dividend pledge at the Amgen Irish Open, saying the U.S. is bringing in enough revenue to cover payments to all adults.
Trump expands Canada trade fight with sweeping ban on Canadian imports
The Trump administration announced a ban on imports of Canadian dairy products, most alcoholic beverages and motorcycles, escalating a trade dispute.
Canada's 20% tariffs on US goods like milk, steel and golf clubs take effect
President Donald Trump threatened to ban Bombardier aircraft sales on Truth Social just hours before Canada's retaliatory tariffs hit $20 billion in U.S. goods.
Trump urges Canadian companies to immediately move to US, says ‘I don’t want Canadian anything’
Trump says Canada has been “ripping" the U.S. off for decades as he defends tariffs and urges Canadian companies to move operations south of the border.
American ranchers face historic cattle shortage as Trump vows to lower beef prices
President Donald Trump said he would waiver beef tariffs on imported ground beef for 90 days in an attempt to bring beef prices down and rebuild the U.S. cattle herd.
Trump takes major action to slash soaring beef prices for US consumers
President Trump formally expanded the beef import quota by 300,000 metric tons as the White House looks to boost supplies and bring down elevated ground beef prices.
Canada plans tariff retaliation after Trump warns its leaders to 'fall in line'
Prime Minister Mark Carney says Canada will match new U.S. tariffs "dollar for dollar" as President Donald Trump orders 50% duties on Canadian goods.
Trump says 50% tariffs on Canadian vehicle, steel imports to hit Jan 1
President Donald Trump threatened 50% tariffs on Canadian cars, trucks, auto parts and steel starting January 2027, citing a $60 billion trade deficit with Canada.
Trump fires back at Canada after Carney suspends trade talks, accuses US of last-minute 'power play'
President Donald Trump accused Canada of wanting the benefits of statehood on Truth Social after Canadian PM Mark Carney suspended U.S.-Canada trade negotiations over tariffs.
Canada's Carney says US made last-minute ‘power play’ as trade talks collapse; retaliatory tariffs in place
Canadian Prime Minister Mark Carney detailed the last-minute U.S. demands he says derailed trade talks as Canada prepares dollar-for-dollar retaliatory tariffs
US-Canada trade negotiations suspended, Carney vows dollar-for-dollar retaliation against Trump's 50% tariffs
Canadian Prime Minister Mark Carney suspended trade negotiations with the U.S. and announced retaliatory tariffs after calling Trump's last-minute proposed terms unfair.
Trump allows 300,000 metric tons of tariff-free beef imports in bid to cut prices, drawing rancher backlash
Trump's tariff-free ground beef import plan drew sharp backlash from cattle industry groups and Republican senators warning it hurts ranchers.
Trump pauses 50% tariffs on Canada hours before deadline after announcing potential deal
President Donald Trump paused 50% tariffs on Canadian imports hours before they took effect, saying a deal with Canada is pending finalization.
Ford’s US manufacturing expansion to bring ‘thousands and thousands of jobs,’ Lutnick says
Ford plans to expand U.S. production of Lincoln vehicles by 2030 and end China imports, a move expected to generate thousands of American jobs.
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.