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.
US Trade Representative Greer says tariffs will go up to 15% or higher for some countries
Trade investigations targeting forced labor and excess capacity could lead to higher tariffs, with EU and other partners seeking clarity on strategy.
Self-defense company finds major benefits after moving manufacturing from overseas to US
Byrna Technologies CEO Bryan Ganz moved manufacturing from South Africa to Indiana before President Donald Trump's tariffs, saying the company "correctly surmised" onshoring benefits.
FedEx sues Trump administration for full tariff refunds after Supreme Court ruling on IEEPA
FedEx sues U.S. government for tariff refunds after Supreme Court ruled Trump's emergency trade duties on imports were unlawful.
Toymaker who helped take down Trump's tariffs deems SCOTUS decision 'not enough'
Supreme Court rules against Trump tariffs as toymaker Rick Woldenberg calls 6-3 decision "not enough" after his company faced taxes exceeding earnings.
‘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.
Supreme Court deals blow to Trump’s trade agenda in landmark tariff case
The Supreme Court ruled Friday on two cases challenging President Donald Trump's tariffs under the International Emergency Economic Powers Act.
US businesses shift away from China under Trump tariffs
China's trade with U.S. midsize businesses plummeted 20% as Trump tariffs hit 37.4%, forcing companies to shift suppliers to Southeast Asia and beyond.
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.
Ford CEO says 'customer has spoken’ after EV shift drives major quarterly loss
Ford reported a massive $11.1 billion quarterly loss driven by electric vehicle writedowns and tariff costs, marking the automaker's worst quarter since 2008.
Airlines suspend Cuba flights amid jet fuel shortage after Trump tariff threats on oil shipments to island
Multiple airlines halt Cuba service amid reported fuel crisis. Thousands affected as carriers scramble to arrange emergency return flights.
Beef prices in focus as Trump signs order aimed at consumer relief
President Trump signed an executive order to boost beef imports from Argentina in a move that aims to lower soaring ground beef and steak prices for consumers.
Trump predicting 100K on Dow by time he leaves office, claims he was 'right about everything'
President Donald Trump predicted the Dow would hit 100,000 by the time he leaves office in 2029 after the market closed above 50,000 for first time.
US, Argentina strike sweeping trade deal cutting tariffs, opening markets to US exports
Argentina and U.S. sign trade agreement cutting tariffs on American exports including medicines, machinery and agricultural goods in new partnership.
Trump threatens 50% tariff on Canadian aircraft in escalating Gulfstream certification fight
President Trump threatened a 50% tariff on Canadian aircraft unless Canada approves Gulfstream jets, accusing Ottawa of "illegally" blocking U.S. plane certification.
Tariffs may have cost US economy thousands of jobs monthly, Fed analysis reveals
A new Fed study estimates tariffs cost the U.S. economy 19,000 jobs per month in 2025, potentially raising unemployment by 0.1 percentage points.
US-South Korea trade tensions flare over treatment of American tech firms including Coupang
Trump raises tariffs on South Korean goods from 15% to 25% over alleged trade violations, escalating diplomatic tensions between Washington and Seoul.