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.
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.
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.