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.
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.
Capital One CEO says US consumers are in 'good shape,' but there are 'worrying signs'
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
China led an informal U.N. Security Council meeting in which it accused the U.S. of using tariff policies to "bully" other countries. The U.S., in response, accused China of trying to manipulate the multilateral system.
Boeing CEO says trade uncertainty, China tensions not expected to affect aerospace giant’s rebound
Boeing CEO Kelly Ortberg says the aerospace giant will look to protect its turnaround efforts amid the ongoing trade tensions between the U.S. and trading partners like China.
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.
Kevin O'Leary claims three-ingredient 'witches' brew' holds the secret to jumpstarting market growth
Investor Kevin O'Leary spelled out three steps necessary to stave off further market volatility, including striking up deals with trade partners and cutting out negative rhetoric about the Fed.
Trump's tariffs could drive up auto repair costs, experts say
Not only will new cars fresh off the lot cost more due to President Donald Trump's tariffs, so will auto repairs, according to industry experts.
Americans trimming back wage expectations for new jobs: NY Fed
The New York Federal Reserve's consumer expectations survey found Americans are lowering their expectations for starting wages at a new job compared with November 2024.
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.
Ex-Home Depot CEO warns Trump’s supply chain gamble is a ‘monumental task’ that may take decades
Former Home Depot CEO Bob Nardelli detailed the "monumental task" that awaits President Donald Trump as he seeks to balance the global supply chain and reduce U.S. reliance on others.
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.
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.