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 says China deal will open up market for US businesses
President Donald Trump's announcement that the U.S. and China will temporarily lower tariffs while they negotiate a new trade deal that will open up access China to U.S. businesses.
Apple considering iPhone price hikes this fall: report
Apple is reportedly mulling higher prices for iPhones released this fall and is weighing product updates that could be cited as causing the price hikes rather than tariffs.
Economist believes US-China tariff truce could be the start of a financial revolution
Former Trump advisor Stephen Moore said the market rebound that came as China and the U.S. agreed to a 90-day pause on massive tariffs could signal the start of a financial revolution.
US, China announce reduced tariffs for 90 days after trade talks
The United States and China announced that tariffs against one another will be reduced for an initial 90-day period following trade talks in Switzerland.
Trump using power of American economy to open China to US exporters: Lutnick
Commerce Secretary Howard Lutnick said the Trump administration's goal is to use the power of the American economy to open China to U.S. exporters.
Commerce secretary says more deals to come following US-UK trade agreement: 'Going to drive our economy'
President Donald Trump announced on Thursday that the U.S. and the United Kingdom reached a trade agreement. Commerce Secretary Howard Lutnick said more deals are in the works.
Democrats trying to force retailers to display cost of Trump tariffs on products
Democrats want to require retailers to display the cost for products impacted by President Donald Trump's tariff policies, which they have heavily criticized.
Trump touts UK trade deal as boosting US agriculture, beef producers
President Donald Trump said a new trade deal with the United Kingdom will expand market access for U.S. agricultural products, including beef producers who faced non-tariff barriers.
Used car prices jump to highest level since 2023 as auto tariffs squeeze consumers
Used car prices rose in April as the auto market responded to President Donald Trump's tariffs, reaching the highest level since 2023 as buyers rushed to beat tariff price hikes.
Toyota sees $1.3B profit hit from Trump tariffs in 2 months
Toyota held an earnings press conference, talking about impacts of tariffs by President Donald Trump. The company's earnings look much different from last year.
Federal Reserve holds key interest rate steady amid economic uncertainty
The Federal Reserve announced that it is leaving a key interest rate unchanged amid uncertainty over inflation and the labor market amid trade turmoil due to tariffs.
With the economic tumult, a serious concern has emerged: stagflation
Economic uncertainty surrounding President Donald Trump's tariffs has raised concerns about stagflation hitting the U.S. economy through slow growth or contraction as well as higher prices.
US trade deficit hits record high in March
The U.S. trade deficit grew to the highest level in March amid a record-setting surge of imports as businesses looked to stockpile inventories before tariffs took effect.
Treasury's Bessent on trade talks: US getting 'good offers,' most deals to be concluded by end of year
Treasury Secretary Scott Bessent testified that the U.S. is negotiated with 17 of its largest trading partners, but not China, and he expects most of those deals be reached this year.
Trump signs executive order aimed at boosting US prescription drug manufacturing
President Donald Trump signed an executive order to encourage domestic prescription drug manufacturing and cut down on the time it takes to approve U.S. pharmaceutical plants.
Trump 2.0 is moving faster and hitting harder on tariffs, former Commerce Secretary Wilbur Ross says
President Donald Trump’s 2025 tariffs mark a strategic shift, according to former Commerce Secretary Wilbur Ross, who highlights a faster approach to curb Chinese trade tactics.
Australia's prime minister says he had 'warm' conversation with Trump on tariffs after recent re-election
Australian Prime Minister Anthony Albanese said he had a "warm conversation" with President Donald Trump about tariffs after he was re-elected over the weekend.
Buffett criticizes Trump's tariffs rollout, says US shouldn’t use 'trade as a weapon'
Legendary investor Warren Buffett railed against President Donald Trump’s tariffs arguing that employing trade as a “weapon" has antagonized international relations.
Trump's 'golden age' is inspiring Kid Rock to make big gamble on stocks
Music legend Kid Rock reacts to President Donald Trump’s Michigan rally, calling it proof of a strong start to a “golden era" for the American economy.
Trump closes tariff loophole on cheap online goods from China
President Donald Trump has closed a tariff loophole that allowed Chinese e-commerce giants like Shein and Temu to sell low-cost goods in the U.S. without paying duties — a move that is expected to drive up prices for American consumers.