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.
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.
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.