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.
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.
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.