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's tariffs projected to increase unemployment, but escape mass layoffs: Allianz
Allianz economists are forecasting that the unemployment will rise to 5% by early 2026, though mass layoffs aren't expected as inflation raises consumer prices due to Trump's tariffs.
Outplayed: How China beat the US at its own free trade game
What began as a U.S. bet on reform turned into a decades-long pattern of economic coercion, intellectual property theft and strategic dominance by China.
Courier firm DHL Express to suspend global shipments of more than $800 to US consumers over new customs rules
The multinational logistics company DHL Express said it would suspend global shipments worth more than $800 to American consumers due to U.S. customs regulatory changes.
China poised to interfere as Trump seeks tariff deal with EU, experts warn
China and the European Union may be looking to strengthen trade ties as Beijing looks to ramp up exports to the EU as trade with the U.S. falters under severe tariffs.
China expert warns that 'spies are out' to find Trump's 'big secret' on tariffs
Fox News contributor and foreign policy strategist Michael Pillsbury says Chinese spies are "out" and trying to discover Trump's "target" tariff number.
How Netflix has been able to skirt effects of Trump’s tariffs
Netflix co-CEO Gregory Peters said customer retention has been strong and that the entertainment industry has been resilient even during tougher economic times.
Mortgage rates jump as tariffs hit markets; biggest spike in nearly a year
The average rate on the 30-year fixed mortgage rose this week to 6.83%, according to the latest Freddie Mac data released on Thursday. That's up from last week's reading of 6.62%.
Tariffs threaten entry level-priced car inventory, experts warn
Automotive experts say tariffs could reduce the number of entry level-priced vehicles in the market as dealerships cut back on inventory with low margins.
Fed's Powell says central bank could face 'challenging scenario' due to tariffs
Federal Reserve Chairman Jerome Powell said in prepared remarks in Chicago that the central bank would wait for more data before changing interest rates.
Retail sales surged in March led by autos as consumers looked to beat tariffs
Retail sales rose in March as consumers stepped up purchases of durable goods like vehicles in an effort to beat anticipated price hikes after tariffs were implemented in April.
US risks pushing European allies into China's arms with new tariffs, experts warn
The constant flip-flopping on policies will prompt European leaders to edge closer to China, who may be viewed as a more reliable trade partner, experts said.
Economic pain or Chinese power? Japanese MAGA voice says tariffs hurt, but tough talk on China is right move
Japanese YouTuber Yoko Ishii reacted to President Donald Trump's reciprocal tariff threat that could impact her country, explaining how his aggressive stance on China is a net gain for Japan.
California sues to block Trump's 'illegal' tariffs
California and Gov. Gavin Newsom on Wednesday filed a lawsuit contesting President Donald Trump's authority to impose tariffs.
China tariffs mean 'Christmas is at risk,' toy industry CEO says
Toy costs are expected to rise by the fall, one expert says, as a result of Chinese tariffs. But last month, some U.S. toy companies said they are benefitting.
Trump's tariffs are putting consumers and businesses in a bind, tech association warns
President Donald Trump's tariffs have fueled uncertainty over trade policy, creating challenges for U.S. importers facing higher costs that may prove prohibitive, CTA warns.
Hong Kong to suspend parcel shipments to US over Trump’s ‘bullying’ tariffs
Hongkong Post said Wednesday they will not be collecting any "so-called tariffs on behalf of the US" and they are suspending service of postal items containing goods shipped to the US.
China beat growth expectations in first quarter of 2025, but US tariffs dim outlook
China beat forecasts for Q1, but the outlook for the remainder of 2025 remains uncertain as Beijing braces for the impact of hefty U.S. tariffs.
Rivian CEO discusses tariffs, says EV maker has 'very US-centric supply chain'
Rivian founder and CEO RJ Scaringe on Tuesday talked about the Trump administration’s tariffs and how the electric vehicle (EV) maker is navigating them during "The Claman Countdown."
Chinese TikTok users mock tariffs, telling people to buy brands like Nike direct
Videos posted by Chinese TikTok users that suggest people should purchase fashion items straight from factories in the country have been surfacing in the U.S. in recent weeks, according to Bloomberg.
How Trump's tariffs could impact the labor market
A new analysis by Goldman Sachs economists on the labor market impact of tariffs found that President Trump's tariffs may boost manufacturing but shrink the overall American workforce.