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.
Bipartisan Senate resolution would repeal Trump's tariffs amid his global trade war: 'Enough is enough'
A bipartisan group of senators is introducing a resolution to repeal President Donald Trump’s tariffs, stressing that the taxes must be approved by Congress.
Trump reciprocal tariffs, additional China levies take effect
The White House confirmed that China would be slapped with additional tariffs at midnight on April 9 after the country failed to meet President Donald Trump's deadline for lifting retaliatory tariffs.
Rand Paul reveals GOP lawmakers praise him for knocking Trump's tariffs, encourage him to 'keep going'
Sen. Rand Paul blasted tariff policy as misinformed and destructive, suggesting it is based on a false premise that a person loses when they make a trade.
'Seismic shift' in trade causing fractured messaging on Trump tariffs
The Trump administration's messaging on the objectives of the president's tariff plans has been wide-ranging, with the administration saying multiple things can be true at once.
Economist says Trump's tariffs are a 'win-win strategy' to negotiate trade deals
Former Reagan economic advisor Art Laffer said Tuesday both the world and U.S. would see benefit from President Donald Trump’s tariffs and trade negotiations that arise out of them.
White House says Beijing missed deadline to lift retaliatory tariffs, US to hike China tariffs to 104%
The White House announced that China's government missed its deadline to lift retaliatory tariffs, so U.S. levies on imports from China will rise to 104%.
Economists pitch ‘ultimate reciprocal’ trade plan for Trump on tariffs
Two economists outline a plan they say could end the trade war, open global markets, and boost U.S. growth.
Ex-Biden Treasury official rips Trump admin for citing his data on tariffs, says White House ‘got it wrong’
Former Biden Treasury Department official Brent Neiman said the Trump White House used his data to justify its reciprocal tariffs but got that data wrong.
Levi Strauss CEO says any price hikes related to tariffs will be ‘surgical’
Levi Strauss & Co. CEO Michelle Gass said if the company raises prices due to President Donald Trump's tariffs, the increases would be "very surgical."
China refuses to back down on tariffs after Trump threatened tougher measures
China is refusing to back down from U.S. President Donald Trump's "blackmail," as a global trade war sparked by the president's new tariffs continues.
Scott Bessent says up to 70 nations want to negotiate over Trump's tariffs
Treasury Sec. Scott Bessent weighed in on America’s tariff negotiations with other countries during a late Monday afternoon appearance on "Kudlow."
Former Home Depot CEO calls stock market response to Trump's tariffs an 'over-reaction'
Former Home Depot and Chrysler CEO Bob Nardelli spoke optimistically about the impact of President Donald Trump’s tariff policy on Fox News’ “America Reports."
Cattle ranchers bullish about Trump's new tariffs
Some cattle ranchers in the U.S. are bullish about the new tariffs on imported goods that President Donald Trump announced last week.
EU commission proposes 25% tariffs on US goods in response to Trump: report
European leaders on Monday floated a 25% tariffs on US goods in response to President Donald Trump's tariffs on certain products like steel and aluminum.
Goldman Sachs increases recession probability, warns of further downgrade if more tariffs take effect
Goldman Sachs increased its forecast for a recession on Sunday to 45% and economists warned that additional tariffs taking effect on April 9 could prompt that level to rise further.
Trump says China would approve TikTok deal in '15 minutes' if he cut tariffs
President Donald Trump said China would approve a deal to sell TikTok to an American buyer "in 15 minutes" if he gave their government "a little cut in tariffs."
European Union ‘ready to negotiate’ with Trump on zero-for-zero tariffs
European Commission President Ursula von der Leyen said the European Union is "ready to negotiate" with President Donald Trump over the latest tariffs.
Trump threatens to add 50% tariffs on China if retaliatory tariffs not dropped
President Donald Trump warned he would impose "additional tariffs on China of 50%" if Beijing "does not withdraw" the 34% tariffs it announced against the U.S. last week.
Bill Ackman calls for 90-day 'time out' on tariffs, or risk 'self-induced, economic nuclear winter'
Billionaire hedge fund manager Bill Ackman said the risks of President Donald Trump's tariffs is "not what we voted for," calling for a 90-day time-out.
Ford exec says automaker is working with Trump on tariffs, 'in a good position' for US production
Ford Blue and Model e President Andrew Frick talks "working with the administration" to gain "clarity" on streamlining 100% of its auto production in America.