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.
Vietnam's PM and Eric Trump break ground on $1.5B luxury golf resort amid US tariff talks
Eric Trump and Vietnam's PM launched a $1.5 billion luxury project with golf courses near Hanoi. The Trump Organization partnered with Kinhbac City amid tariff negotiations.
Larger tax-cut proposal not enough to offset drag on growth from tariffs: Goldman Sachs
A new report by Goldman Sachs finds that while larger tax cuts will yield a bigger growth boost, the drag on economic growth from tariffs will offset that gain.
Drink company that sells Guinness and Johnnie Walker sees $150M profit hit from tariffs
Spirit maker Diageo plans $500 million in cost savings by 2028, lower tariff impact view by $50 million in earnings statement released on Monday.
Bessent says Walmart will absorb 'some tariffs' after speaking with retailer's CEO
Treasury Secretary Scott Bessent on Sunday said he spoke with Walmart CEO Doug McMillon, who said the company with absorb "some of the tariffs."
Trump warns Walmart to 'eat the tariffs' instead of raising prices
President Donald Trump criticized Walmart on Saturday for potential price hikes. The company said it would do its best to keep prices down amid the tariffs.
Catalina Crunch founder shares the bitter truth about tariffs
Catalina Crunch founder Krishna Kaliannan tells Fox Business how his company is working to adapt in an uncertain business environment amid President Donald Trump's tariffs.
US consumer sentiment drops to near record low in May on inflation worries, tariff uncertainty
The University of Michigan's Consumer Sentiment Index fell again in May after economists expected a modest increase. Consumer sentiment is at its lowest level in nearly three years.
Newsom partially blames Trump for Medicaid freeze for illegal immigrants
California Democratic Gov. Gavin Newsom said the "Trump Slump" is partially to blame for him proposing a freeze on Medicaid enrollment for illegal immigrants in his state.
Jamie Dimon says a recession is still a possibility: 'I wouldn’t take it off the table at this point'
JPMorgan Chase CEO Jamie Dimon said that while he hopes the U.S. will avoid a recession, it remains a possibility if tariffs weigh on economic activity.
Chinese imports to US plummet to lowest levels since pandemic amid Trump tariffs
U.S. sees record imports from Mexico and Vietnam as Chinese goods face 145% tariffs, marking a significant shift in trade patterns since the pandemic.
Netflix breaks ground on $1B New Jersey studio as Trump pushes for movies to be made in America
Netflix has broken ground on its $1 billion investment to transform a former Army installation into a state-of-the-art studio hub in New Jersey.
JPMorgan lowers recession probability after Trump's tariff truce with China
JPMorgan reduced its forecast for the chance of a recession this year after the U.S. and China temporarily lowered the higher tariffs they imposed.
China criticizes US-UK trade deal, says it's 'basic principle' not to target other countries: report
China criticized the trade agreement reached between the U.S. and the U.K. last week as it could potentially push Chinese products out of British supply chains.
Trump lobbies 'Too Late Powell' to cut interest rates
President Donald Trump repeated his criticism of Federal Reserve Chair Jerome Powell as being "too late" in cutting interest rates, while inflation remains above the 2% target.
Trump says US moving past 'days of economic misery' on Middle East trip
President Donald Trump said his administration's economic agenda is moving the U.S. forward in a speech delivered in Saudi Arabia as he looks to attract investment from the Middle East.
Inflation ticked slightly higher in April as tariff impact looms
The Bureau of Labor Statistics' latest consumer price index report showed that inflation ticked slightly higher in April as tariffs begin to have an economic impact.
Nissan increases job cuts to 20K by 2027
Japanese automaker Nissan expanded its planned job cuts after seeing a "challenging" FY 2024. The company is also working to mitigate the impact of President Donald Trump's tariffs.
Record $16B tariff inflow helped ease the US budget deficit rate
U.S. tariff revenue hit a record $16.3 billion in April, easing the budget deficit rate as President Donald Trump's sweeping tariffs took hold.
China removes ban on Boeing deliveries after deal with US to temporarily slash tariffs
China has removed its ban on airlines accepting Boeing planes after Beijing and Washington agreed to temporarily reduce the steep tariffs on one another.
India considering tariffs on US goods to counter Trump's levies
India is considering placing tariffs on some goods produced in the U.S. to counter the Trump administration's duties on steel and aluminum products.