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.
Vietnam prepared to crack down on Chinese trade to avoid Trump tariffs: report
Vietnam is prepared to crack down on Chinese goods being shipped to the U.S. via its own territory to avoid crippling U.S. tariffs, according to a new report.
China increases tariffs on US imports to 125% from 84% amid ongoing trade war
China announces a tariff hike against the U.S. as a trade war continues to escalate between the two nations.
Kevin O'Leary backs Trump tariffs to stop China from 'killing small business in America'
"Shark Tank" Investor Kevin O’Leary argued in favor of new tariffs against China, arguing the status quo has destroyed American businesses both large and small.
Retail, autos, tech: These are the US industries that could be walloped by tariffs on China
With 145% tariffs looming, experts warn of a $325 billion blow to U.S. tech, soaring iPhone costs, and major supply chain turmoil across fashion and electronics.
Australia refuses to 'join hands' with China to fight US tariffs
China reached out its hand to Australia in the hopes of making an alliance against President Donald Trump's tariffs, but Australia refused to partner with Beijing.
China expert reveals why Xi won't budge on tariffs with Trump
China expert Gordon Chang said Chinese President Xi Jinping's reluctance to give President Donald Trump a call likely stems from fear that other Communist Party leaders will criticize him.
China still not ready to negotiate with US after Trump further increases tariffs, officials indicate
Following Trump's tariff hike on China, Chinese officials said Beijing will only speak to Washington when the U.S. shows mutual respect to China.
Trump's tariffs: What tariffs have been imposed on major trading partners or paused?
President Donald Trump announced a 90-day pause and "substantially" lower reciprocal tariffs on all countries aside from China. FOX Business breaks down what tariffs were imposed since January.
'THINGS HAVE TO BE RESET:' Detroit autoworkers sound off on Trump's tariffs
Michigan residents and autoworkers share what they think about President Donald Trump's tariffs on U.S. trading partners, including foreign manufacturers.
US shop that relied on Canadians announces closure, citing tariffs and Trump's 'choice'
A shipping business in a small Washington exclave kept afloat by Canadian shoppers says it will close later this month due to a sharp decline in customers.
Trump says he's raising China tariffs further, pausing reciprocal tariffs for others
President Donald Trump on Wednesday said he is immediately raising the tariffs on Chinese goods to 125% over Beijing’s “lack of respect" toward America.
Clothing retailers to pump brakes on orders, hiring due to tariffs
President Donald Trump’s tariffs pushed some American clothing and accessory retailers to pump the brakes on orders and hiring.
Dems go off on 'stupid and bad' tariffs as Trump trade rep says working-class stands to gain
At a Wednesday hearing, U.S. Trade Representative Jamieson Greer faced a grilling from Democrats on the House Ways and Means Committee.
Dems rail at Trump trade chief for 'shoot first, aim later' approach to tariffs, demand long-term plan
House Democrats criticized trade chief Jameison Greer during a Wednesday hearing, arguing the Trump administration's tariffs will hurt Americans.
CHARLES PAYNE: The truth about tariffs and the history lesson many critics are missing
For many years, tariffs were viewed favorably by Americans. But in the 1930s, one act of Congress changed people's minds. That act is erroneously blamed for the Great Depression.
Elon Musk's brother, Kimbal Musk, slams Trump’s tariffs as 'permanent tax on the American consumer'
The brother of Trump ally Elon Musk, Kimbal Musk, slammed President Donald Trump's new tariffs and claimed that the measures would lead to fewer U.S. jobs.
Trump reveals the next industry that will face imminent 'major' tariffs
President Donald Trump revealed he will target the pharmaceutical industry with a "major" tariff, citing the majority of the U.S.' pharmaceuticals are made overseas.
European Union approves retaliatory tariffs on billions in US imports
The EU approved retaliatory tariffs on billions of dollars in U.S. imports on Wednesday as "countermeasures" against President Donald Trump's tariffs.
Kevin O’Leary defends Trump tariffs, calls on 400% increase on China to ‘level the playing field’
Investor Kevin O'Leary called on President Donald Trump to impose even more punishing tariffs on China as trade negotiations between the two countries continue to heat up.
China to increase tariffs on US imports from 34% to 84%
China is raising its tariffs on American imports from 34% to 84% in response to President Donald Trump's reciprocal tariffs against Beijing.