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.
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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.
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Treasury Secretary Bessent signals US advantage in tariff battle as China's economy crumbles
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Thanks to Trump policies, the core of the economy actually grew 3% in 1Q 2025
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Consumer confidence plunged to a 5-year low in April
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Amazon denies tariff pricing plan that White House called 'hostile and political'
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China caves on 125% tariff for major US export after White House predicts Beijing can't keep up
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UPS cutting 20K jobs due to fewer Amazon shipments
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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
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