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.
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.
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Nokia exec open to expanding US manufacturing to avoid Trump tariffs
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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.
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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
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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.
US Court of International Trade sides with Trump in tariff case
Small businesses lost a legal challenge to President Donald Trump’s tariffs as the U.S. Court of International Trade ruled against halting the policy, backing Trump's trade agenda.
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Trump's tariffs could drive up auto repair costs, experts say
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Halliburton warns of tariff impact, lower North America oilfield activity
U.S. environmental groups say they are preparing for a legal showdown with the White House over its sweeping efforts to sidestep federal regulations on oil, gas and coal development.
Bessent believes China impasse over tariffs will de-escalate
Treasury Secretary Scott Bessent told an investor summit Tuesday that he expects the tariff war between the U.S. and China will de-escalate because the status quo is unsustainable.
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Dem senator hosts businesses concerned 'enormous uncertainty' of tariffs could kill crucial tourism industry
Vermont Democratic Sen. Peter Welch spoke to Fox News Digital about a series of meetings he had with dozens of Green Mountain State businesses concerned about tariffs and intertwined supply chains.
Trump meeting retailers including Walmart, Home Depot, Target regarding tariff concerns
President Donald Trump is reportedly having a sit-down with some retailers regarding the tariffs he has imposed on goods imported from foreign countries.