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.
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The American fireworks industry warns tariffs could dampen Fourth of July celebrations in 2026.
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Fed Chair Powell confirms tariff concerns prevented interest rate cuts so far this year
Fed Chair Jerome Powell said tariff concerns delayed interest rate cuts, stating the central bank would have likely reduced rates this year if not for potential consumer price hikes.
Canada rescinds digital services tax for the US: What is it and why did Trump want it gone?
Canada rescinded its 3% digital services tax that was due to take effect on Monday morning after President Donald Trump threatened to halt trade talks.
Canada responds after Trump halts trade talks over digital services tax
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Trump says US terminating all trade talks with Canada over digital services tax
President Donald Trump said on Friday that because of Canada’s digital services tax on American tech companies, the U.S. will end all trade talks with its northern neighbor.
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Fed Chair Powell says US economy in a 'solid position' as central bank weighs rate cut timing
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The Fed is plagued with a bureaucratic disease. There is no diversity of thought, just a mindless war on a Tariff boogeyman
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Federal Reserve Bank of New York finds 75% of businesses facing tariff-induced cost increases are raising prices amid uncertainty about future tariff policies.
US and China meet in London for round 2 of high-level trade talks
U.S.-China trade negotiations begin in London with top officials addressing rare earth mineral exports, which China controls 90% of, following recent tariff reductions
PETER NAVARRO: Trump’s 50% steel tariff is a necessary shield for American industry
Trump increases steel tariffs to counter foreign market manipulation as global overcapacity reaches 600 million metric tons and U.S. steel industry faces financial challenges.