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 warns court ruling against tariffs could lead to 'economic ruination' of US
President Donald Trump warns of economic ruination if courts rule against his tariffs after the U.S. Court of International Trade blocks emergency import taxes.
Dame's Trump tariff surcharge about 'transparency,' not 'politics,' CEO says
Dame Products found itself at the center of a political controversy after adding a "Trump Tariff Surcharge" to customers' carts, but the CEO insists it had nothing to do with picking sides.
Trump says Pakistani officials visiting US to negotiate trade deal ahead of potential 29% tariff
President Donald Trump said Pakistani officials are visiting the U.S. next week in an effort to reach a deal to lower tariffs.
Jamie Dimon identifies 'most important' focus for Trump team amid global 'tectonic' shifts
JPMorgan Chase CEO Jamie Dimon evaluates the importance of maintaining military and economic alliances amid shifting geopolitical "tectonic plates."
Trump doubles steel tariffs to 50% in bid to boost US industry
While in Pittsburgh, President Donald Trump revealed a tariff increase on steel from 25% to 50% while discussing a deal with Nippon Steel.
LARRY KUDLOW: Protecting Trump's golden age
Activist judges and the Fed can try to derail Trump's economic Golden Age all they want, but he'll just keep on fighting. Just like Reagan did.
Best Buy lowers revenue outlook for Fiscal Year 2026 due to tariffs
Best Buy adjusted its full year sales forecast amid tariff impacts, with revenue now projected between $41.1 billion and $41.9 billion for Fiscal Year 2026.
GM CEO backs Trump's auto tariffs as a tool to help US manufacturers
General Motors CEO Mary Barra said the automaker is increasing its U.S. investment and that Trump's tariffs are a "tool that the administration can use to level the playing field."
Popular home decor retailer prepares to file for bankruptcy: report
At Home Group Inc. is reportedly set to file for Chapter 11 bankruptcy amid liquidity issues and tariff pressures, seeking new suppliers to mitigate financial challenges.
White House decries 'judicial overreach' after federal court rejects Trump tariffs
The Trump administration criticizes a court ruling on tariffs as "judicial overreach," arguing it undermines U.S. trade negotiations and national security.
White House economist believes Trump tariff ruling will be overturned as 'three' trade deals are in the works
National Economic Council Director Kevin Hassett argues tariff legalities won't quell three potentially finalized trade deals that are awaiting President Trump's signature.
Taiwan promises to buy more American goods, under threat of 32% Trump tariff
Amid U.S. tariff threats, Taiwan's President Lai commits to buying more U.S. goods. Congressional delegations discuss trade, energy, and defense sales.
US consumer confidence rebounds in May after 5-month slide
Consumer confidence in the U.S. rose for the first time in five months amid optimism about trade deals and improving expectations about business conditions.
Volvo to cut 3,000 jobs amid Trump tariff fight
Volvo is looking to lower costs by cutting thousands of jobs, they announced on Monday. Most of its production based in Europe and China.
Trump says his tariffs aim to promote US production of tanks, not T-shirts: 'We want to make big things'
President Donald Trump said his tariff policy seeks to encourage the domestic manufacturing of tanks and technology products, not T-shirts and sneakers.
Trump grants EU tariff extension after 'good call' with Ursula von der Leyen
Trump agrees to extend the proposed 50% EU tariff to July 9, 2025, after a call with European Commission President Ursula von der Leyen. Talks are set to "begin rapidly," he said.
Judge rules Trump acted lawfully in Chinese tariffs, in court win for White House
A federal judge agreed with President Donald Trump’s assertion that he can use a 1970s law to unilaterally impose sweeping tariffs on other countries' goods.
Scott Bessent says Trump wants to 'light a fire' under Apple, EU with new tariff threats
U.S. Treasury Secretary Scott Bessent goes behind-the-scenes on President Trump's new tariff threats on the EU and Apple, announced just minutes apart from one another.
Trump threatens 25% tariff on iPhones, 50% tariff on EU goods amid trade tensions
President Donald Trump is set to impose fresh tariffs on both Apple and the European Union, saying that the iPhone manufacturer and the trading bloc have not heeded to his previous demands.
Federal Reserve governor warns US deficit 'not sustainable' as Treasury bond demand weakens
Federal Reserve Governor Christopher Waller said markets are demanding higher Treasury yields due to concerns about tax cuts widening the federal budget deficit.