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.
‘We were right’: He took Trump’s tariffs to the Supreme Court and won
Wine importer Victor Schwartz challenged Trump's tariffs at the Supreme Court and won, dealing a blow to the trade agenda after survival threats.
How should businesses approach tariff refunds?
Trade experts note that businesses seeking tariff refunds may need to appeal to CBP or the Court of International Trade to get their money back after the Supreme Court's ruling.
Will refunds be issued after Supreme Court ruling on Trump tariffs?
The Supreme Court struck down President Donald Trump's IEEPA tariffs, which could open the door to billions of dollars in tariff refunds, though the ruling didn't establish the process.
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US businesses shift away from China under Trump tariffs
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Kevin Hassett says Fed economists should be 'disciplined' over tariff study
White House economic advisor Kevin Hassett called for the New York Fed to discipline economists over research showing U.S. businesses and consumers bear most of the tariff burden.
Fed dissent grows as some officials weigh return to interest rate hikes amid stubborn inflation
The minutes of the Federal Reserve's January meeting revealed policymakers considered language about possible rate hikes amid concerns over elevated inflation.
Navarro promises ‘largest rebate in American history’ as Supreme Court weighs Trump tariffs
Trump advisor Peter Navarro promises Americans the "biggest rebate" in history while touting a "Goldilocks economy" with easing inflation and growth.
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US, Argentina strike sweeping trade deal cutting tariffs, opening markets to US exports
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Tariffs may have cost US economy thousands of jobs monthly, Fed analysis reveals
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GM takes $7B hit after shifting EV strategy due to slowing demand
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Kevin O'Leary warns Canada over China ties as Trump threatens 100% tariff on northern neighbor
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Trump drops Europe tariff threats after reaching deal on Greenland framework
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European Parliament halts work on US trade deal in response to Trump Greenland push
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