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.
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.
After Trump tariffs, JPMorgan raises chance of recession to 60%
JPMorgan warned of an increased recession risk due to President Donald Trump's tariff policies, while Peter Schiff thinks the U.S. has been in recession for a while.
Fed Chair Powell says tariffs likely to cause inflation to rise, could be persistent
Federal Reserve Chair Jerome Powell said President Trump's tariffs are likely to cause inflation to rise at least temporarily, though the extent and duration is unclear.
Stellantis offers employee discount to US buyers as auto tariffs take effect
Some automakers impacted by President Donald Trump's tariffs began issuing employee discounts to the general public to drive sales amid the uncertain economic environment.
China retaliates with 34% tariffs on US imports
China announced it will impose 34% tariffs on the U.S., just days after President Donald Trump unveiled the same amount against Beijing under his reciprocal tariff plan.
Conservative legal group sues Trump admin over Chinese import tariffs: ‘Congress never authorized’
The conservative legal group New Civil Liberties Alliance has filed a lawsuit against the Trump administration for imposing tariffs on Chinese imports.