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.
China refuses to back down on tariffs after Trump threatened tougher measures
China is refusing to back down from U.S. President Donald Trump's "blackmail," as a global trade war sparked by the president's new tariffs continues.
Scott Bessent says up to 70 nations want to negotiate over Trump's tariffs
Treasury Sec. Scott Bessent weighed in on America’s tariff negotiations with other countries during a late Monday afternoon appearance on "Kudlow."
Former Home Depot CEO calls stock market response to Trump's tariffs an 'over-reaction'
Former Home Depot and Chrysler CEO Bob Nardelli spoke optimistically about the impact of President Donald Trump’s tariff policy on Fox News’ “America Reports."
Cattle ranchers bullish about Trump's new tariffs
Some cattle ranchers in the U.S. are bullish about the new tariffs on imported goods that President Donald Trump announced last week.
EU commission proposes 25% tariffs on US goods in response to Trump: report
European leaders on Monday floated a 25% tariffs on US goods in response to President Donald Trump's tariffs on certain products like steel and aluminum.
Goldman Sachs increases recession probability, warns of further downgrade if more tariffs take effect
Goldman Sachs increased its forecast for a recession on Sunday to 45% and economists warned that additional tariffs taking effect on April 9 could prompt that level to rise further.
Trump says China would approve TikTok deal in '15 minutes' if he cut tariffs
President Donald Trump said China would approve a deal to sell TikTok to an American buyer "in 15 minutes" if he gave their government "a little cut in tariffs."
European Union ‘ready to negotiate’ with Trump on zero-for-zero tariffs
European Commission President Ursula von der Leyen said the European Union is "ready to negotiate" with President Donald Trump over the latest tariffs.
Trump threatens to add 50% tariffs on China if retaliatory tariffs not dropped
President Donald Trump warned he would impose "additional tariffs on China of 50%" if Beijing "does not withdraw" the 34% tariffs it announced against the U.S. last week.
Bill Ackman calls for 90-day 'time out' on tariffs, or risk 'self-induced, economic nuclear winter'
Billionaire hedge fund manager Bill Ackman said the risks of President Donald Trump's tariffs is "not what we voted for," calling for a 90-day time-out.
Ford exec says automaker is working with Trump on tariffs, 'in a good position' for US production
Ford Blue and Model e President Andrew Frick talks "working with the administration" to gain "clarity" on streamlining 100% of its auto production in America.
Price tag: How much Americans could pay between tariffs and tax cuts expiring
The price for Americans could be hefty if Trump’s tariffs stay in place and Congress doesn’t manage to extend his hallmark 2017 tax cuts.
UK-based Jaguar Land Rover puts pause on shipments to US amid Trump tariffs
Days after President Donald Trump announced a 25% tariff on imported vehicles, Jaguar Land Rover in the U.K. is pausing all shipments to the U.S.
CBP set to enforce ‘Liberation Day’ tariffs, has collected over $200M per day in additional associated revenue
The Trump administration’s latest trade offensive is underway as Customs and Border Protection (CBP) begins enforcing “Liberation Day" tariffs, pulling in more than $200 million a day.
South Carolina shrimper says Trump's tariffs will provide 'immediate relief' to US fishery
CJ Seafood owner Craig Reaves spoke to “America Reports" about the benefits tariffs could do for the U.S. shrimp industry as it has been crushed by imports for "decades."
Nintendo Switch 2 dodges tariffs, hits preorder shelves next week
The Nintendo Switch 2 pre-orders will begin April 24 in the U.S., after it was originally delayed due to the potential impact of President Donald Trump's worldwide tariffs.
Trump's 10% baseline tariffs on imports from many countries now in effect
President Donald Trump's unilateral 10% tariff on all imports from many countries went into effect just after midnight on Saturday, when U.S. customs agents began collecting.
China halted TikTok deal with US over tariffs: report
China halted a deal this week for the country to divest from TikTok in the United States over President Trump's newest retaliatory tariffs.
How to prepare your wallet as tariffs take effect
While there is uncertainty about how tariffs will affect consumers, there are still ways they can feel more prepared, according to a financial expert.
Trump tariffs appreciated by US shrimpers: 'threw us a lifeline'
American shrimpers were pleased to see President Donald Trump unveil his latest round of tariffs this week, FOX Business' Lydia Hu reported on Friday.