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.
Kentucky Derby runs tomorrow, but planned $1B revamp of Churchill Downs is on hold
Top racehorses will run in the Kentucky Derby on Saturday, but a planned nearly $1 billion revamp of facilities at the Churchill Downs racetrack that hosts the famous race is on hold.
Business owner facing steep tariffs tests whether people will pay for 'Made in USA'
A business offered customers a choice between a foreign-made product, or the same item made in the U.S. at a much higher cost. The results were overwhelming.
Small businesses need immediate tariff relief, Chamber of Commerce warns
The U.S. Chamber of Commerce is urging the Trump administration to grant small businesses exclusions from tariffs that may impose a financial hit that threatens their existence.
Treasury Secretary Bessent signals US advantage in tariff battle as China's economy crumbles
Treasury Secretary Scott Bessent is "confident" that China wants to reach a trade deal as the U.S. adversary's economy shows signs of slowing down to "devastating" lows.
'Made in America' loan cap doubled under new Trump-backed manufacturing push
Amid tariffs and President Donald Trump's agenda to increase U.S. manufacturing, sponsors say the Made in America Manufacturing Finance Act is well-timed.
LARRY KUDLOW: The 'falling GDP' panic is more fake news
Thanks to Trump policies, the core of the economy actually grew 3% in 1Q 2025
First Solar stock price drops after investors react to executive's tariff comments
First Solar saw its stock fall on Wednesday as investors reacted to the "significant challenges" that CEO Mark Widmar said President Donald Trump’s tariffs presented to the solar module maker.
Ford CEO goes under the hood of massive Kentucky plant, says it's what Trump is 'trying' to do
Ford CEO Jim Farley told "Mornings with Maria" that the company's Louisville, Kentucky, truck plant showcases the Trump vision for bolstering the U.S. auto industry.
Trump urges 'be patient' on the economy, predicts 'boom...like no other'
President Donald Trump on Wednesday promised the economy will soon boom amid an unexpected contraction of gross domestic product in the first quarter.
Donald Trump's first 100 days: How has stock market performed?
President Donald Trump's second term has reached its 100-day milestone, and the performance of the S&P 500 during that period is the second-worst for an administration since 1945.
Bessent says US will weigh China's failure on 'phase one' trade deal from first term in negotiations
Treasury Secretary Bessent said the Trump administration will weigh China's lack of compliance with the "phase one" trade deal from the president's first term in current negotiations.
Consumer confidence plunged to a 5-year low in April
The Conference Board's consumer confidence index declined to its lowest level in five years in April, marking five months of declines and reaching levels not seen since COVID.
Amazon denies tariff pricing plan that White House called 'hostile and political'
Amazon denied report that it would how the cost of tariffs next to items being sold after the White House called the would-be move a "hostile political action."
China caves on 125% tariff for major US export after White House predicts Beijing can't keep up
China caved on one of its major 125% tariffs against ethane imports from the U.S. on Tuesday, having initially imposed the tariff last month.
UPS cutting 20K jobs due to fewer Amazon shipments
UPS announced it's cutting 20,000 jobs and shuttering 73 of its facilities as it cuts costs as part of a reduction in Amazon shipments, while also facing economic uncertainty.
US tariffs could cost China 5–10 million jobs, 'onus' on Beijing, Bessent says
Treasury Secretary Scott Bessent said that U.S. tariffs on China will prove "unsustainable" for the country.
White House teases US 'very close' to trade deals with Asian partners as Trump hits 100 days in office
Treasury Sec. Scott Bessent says the U.S. is nearing trade deals with India, South Korea and Japan as President Donald Trump hits 100 days in office.
White House threatens to veto Senate resolution terminating 'Liberation Day' Trump tariffs
The White House warned lawmakers that President Donald Trump would veto a Senate resolution aimed at ending his "Liberation Day" tariffs if it were sent to his desk.
Trump to reduce impact of auto tariffs as industry makes effort to return manufacturing to US: 'Major victory'
President Donald Trump will be announcing on Tuesday a decision to reduce the impact of tariffs on automakers, an administration official told Fox Business.
Shein drastically raises prices in response to tariffs: report
The e-commerce company Shein, which was founded in China, rolled out U.S. price increases on a broad range of items starting Friday, Bloomberg reported.