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.
UK chancellor touts defense spending push, outlines US trade talks
British Chancellor of the Exchequer Rachel Reeves is in the U.S. for trade talks and told FOX Business she sees an opportunity to deepen economic ties between Britain and America.
Grocery giant warns its suppliers that supermarket won't be accepting tariff-related price hikes
The second-largest supermarket chain in the U.S., Albertsons Companies, said the chain won't accept price hikes to account for President Donald Trump's sweeping tariffs.
President Trump working on larger trade deals -- not just ones involving tariffs
Two Trump administration sources told FOX Business that the president is working on larger trade deals with countries, not ones just involving tariffs.
Investors fear Big Oil could cut share buybacks as crude prices slump
Oil is now hovering around $66 a barrel, prompting analysts to model scenarios where prices remain in the $60s this year or even decline into the $50s.
China is exhibiting ‘end-of-regime conduct,’ expert warns of ‘perplexing’ behavior
China's Xi Jinping can't look like he's dependent, giving in or talking to the U.S. "under pressure" of trade tensions, according to Gatestone Institute's Gordon Chang.
Trump 'wasn't worried' about the bond market tsunami
As President Donald Trump wields tariffs against major U.S. trading partners, he is also taking on bond vigilantes who tested his resolve earlier this month with a massive and worrisome move in the markets.
China foreign minister says Trump's tariffs reveal 'extreme egoism' as he speaks out against protectionism
Chinese Foreign Minister Wang Yi said tariffs imposed by U.S. President Donald Trump show "extreme egoism" and that Beijing opposes protectionism.
China is 'caving' to Trump's trade war strategy, expert signals
Gatestone Institute senior fellow Gordon Chang believes it's "a win for Trump" as a "really bad story for Beijing" emerges in the trade tensions between China and the U.S.
China weighs exempting some goods from US tariffs as economic fallout looms
China is weighing an exemption for some U.S. imports from its tariffs as the economic fallout in its ongoing trade war with Washington becomes more apparent.
Trump tariffs hit Alabama school district's tight budget on new school buses
President Donald Trump's 25% tariff on automobiles is now affecting a school district in central Alabama causing a $2,500 tariff to six of the 11 new school buses they purchased.
American wool farmers struggle as trade war impacts China market
According to the American Sheep Industry Association, some farmers are seeing drops in wool prices — if they can sell their product at all.
Barbara Corcoran reveals why market turmoil presents the best chance to buy a home
Corcoran Group founder and "Shark Tank" star Barbara Corcoran says market "uncertainty, hesitation" means "it's a good time to buy" real estate in America.
Nokia exec open to expanding US manufacturing to avoid Trump tariffs
Nokia could expand its U.S. manufacturing capabilities as a way to counter possible impacts of Trump's tariffs, according to the company's new CEO, Justin Hotard.
Trump says reciprocal tariffs could be re-imposed within weeks
President Donald Trump said he has not backed down on the 145% tariff on China and said reciprocal tariffs on other nations could resume within weeks.
Tariff-induced price hikes, trade worries highlighted in Fed's Beige Book
The Federal Reserve's Beige Book found that businesses around the U.S. are seeing costs rise due to tariffs, which will largely be passed on to consumers through higher prices.
Capital One CEO says US consumers are in 'good shape,' but there are 'worrying signs'
Capital One CEO Richard Fairbank on Tuesday shared his perspective on how American consumers are holding up during the financial institution’s quarterly earnings call.
China accuses US of 'bullying' the world with tariffs at UN meeting
China led an informal U.N. Security Council meeting in which it accused the U.S. of using tariff policies to "bully" other countries. The U.S., in response, accused China of trying to manipulate the multilateral system.
Boeing CEO says trade uncertainty, China tensions not expected to affect aerospace giant’s rebound
Boeing CEO Kelly Ortberg says the aerospace giant will look to protect its turnaround efforts amid the ongoing trade tensions between the U.S. and trading partners like China.
Trump hints at cutting China tariffs ‘substantially’ from 145%
Washington and Beijing may soon strike a trade deal. President Donald Trump said China's hefty tariff rate of 145% will also likely drop "substantially."
Treasury Secretary Bessent says there's an opportunity for a 'big deal' with China
Treasury Secretary Scott Bessent said that there's an opportunity to do a "big deal" with China to reduce tariffs if the Chinese government is willing to rebalance its economy.