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 shop that relied on Canadians announces closure, citing tariffs and Trump's 'choice'
A shipping business in a small Washington exclave kept afloat by Canadian shoppers says it will close later this month due to a sharp decline in customers.
Trump says he's raising China tariffs further, pausing reciprocal tariffs for others
President Donald Trump on Wednesday said he is immediately raising the tariffs on Chinese goods to 125% over Beijing’s “lack of respect" toward America.
Clothing retailers to pump brakes on orders, hiring due to tariffs
President Donald Trump’s tariffs pushed some American clothing and accessory retailers to pump the brakes on orders and hiring.
Dems go off on 'stupid and bad' tariffs as Trump trade rep says working-class stands to gain
At a Wednesday hearing, U.S. Trade Representative Jamieson Greer faced a grilling from Democrats on the House Ways and Means Committee.
Dems rail at Trump trade chief for 'shoot first, aim later' approach to tariffs, demand long-term plan
House Democrats criticized trade chief Jameison Greer during a Wednesday hearing, arguing the Trump administration's tariffs will hurt Americans.
CHARLES PAYNE: The truth about tariffs and the history lesson many critics are missing
For many years, tariffs were viewed favorably by Americans. But in the 1930s, one act of Congress changed people's minds. That act is erroneously blamed for the Great Depression.
Elon Musk's brother, Kimbal Musk, slams Trump’s tariffs as 'permanent tax on the American consumer'
The brother of Trump ally Elon Musk, Kimbal Musk, slammed President Donald Trump's new tariffs and claimed that the measures would lead to fewer U.S. jobs.
Trump reveals the next industry that will face imminent 'major' tariffs
President Donald Trump revealed he will target the pharmaceutical industry with a "major" tariff, citing the majority of the U.S.' pharmaceuticals are made overseas.
European Union approves retaliatory tariffs on billions in US imports
The EU approved retaliatory tariffs on billions of dollars in U.S. imports on Wednesday as "countermeasures" against President Donald Trump's tariffs.
Kevin O’Leary defends Trump tariffs, calls on 400% increase on China to ‘level the playing field’
Investor Kevin O'Leary called on President Donald Trump to impose even more punishing tariffs on China as trade negotiations between the two countries continue to heat up.
China to increase tariffs on US imports from 34% to 84%
China is raising its tariffs on American imports from 34% to 84% in response to President Donald Trump's reciprocal tariffs against Beijing.
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."