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.
American soybean farmers face financial crisis as China trade dispute threatens livelihoods
American soybean farmers are facing financial hardship as China shifts purchases to Brazil and Argentina amid ongoing trade tensions over the Trump administration's tariffs.
Fed minutes show policymakers remain concerned about inflation as they weigh rate cuts
Minutes from the Federal Reserve's latest policy meeting showed most policymakers supported interest rate cuts despite inflation concerns and tariff pressures affecting price stability.
Trump defends tariffs, says US has been ‘the king of being screwed’ by trade imbalance
President Donald Trump defended his tariff policies during a meeting with Canadian Prime Minister Mark Carney, citing years of trade imbalances with China and the EU.
Beef prices hit record highs as nationwide cattle inventory drops to lowest level in 70 years
Beef prices are at record highs as drought reduced cattle inventory to the lowest levels since 1951, with ground beef up 12.8% and steak prices rising 16.6% year over year.
Back-to-back highs: August and September bring in $62.6B in tariff revenue
September tariff collections reached $31.3 billion as President Donald Trump's trade policies face a Supreme Court challenge over presidential authority to impose import taxes.
Fed president warns inflation is 'going the wrong way' as tariff concerns mount
Federal Reserve Bank of Chicago President Austan Goolsbee warned that rising inflation could pose a stagflation risk if tariff-induced price hikes prove persistent.
That latte or cappuccino could get more expensive as coffee prices continue to rise
American coffee costs hit near-record levels as tariffs and weather disruptions in major coffee-producing countries drive the highest price increases since 2011.
Trump's 100% tariffs will end China's grip on the US, senior counselor on trade says
The Trump administration "won't tolerate" any pressure from trade partners, as Peter Navarro explains a new set of tariffs boosts America's supply chain and national security.
Fed's favored inflation gauge shows consumer prices remained elevated in August
The Commerce Department released the August PCE inflation data which showed that inflationary pressures remained well above the Fed's 2% target last month as tariffs push prices up.
Trump goes all-in: Tariffs up to 100% on foreign drugs, heavy trucks and home goods
President Donald Trump announced Oct. 1 tariffs ranging from 25% to 100% on pharmaceuticals, home goods, and heavy trucks to strengthen American manufacturing.
Trump tariffs haul over $200B in revenues as Supreme Court weighs challenge to legality
Tariff revenues reached a record $31.4 billion in August as the Supreme Court will hear arguments in November on Donald Trump's sweeping trade duties.
US economy grew faster than expected in the second quarter
The U.S. economy's GDP grew at a 3.8% rate in the second quarter following the latest revision after the economy recorded a 0.5% contraction in the first quarter.
India sends high-level team to Washington as Trump’s $100K visa fee takes effect — 'afraid of our talent'
Indian ministers meet U.S. officials to discuss new $100,000 H-1B visa fees and trade deals after Trump cites program abuse by tech companies laying off Americans.
Senate Dem blasted for 'taking it in the neck' comment about small businesses: 'Calculated, violent rhetoric'
SBA Administrator Kelly Loeffler accused Sen. Mazie Hirono of "calculated, violent rhetoric," calling it "evil and beneath the office."
India calls trade talks with US 'positive' as it looks to close deal amid steep tariffs
U.S. and Indian officials meet in New Delhi for trade negotiations as India resists opening dairy markets and Washington demands a stop to Russian oil purchases.
Eli Lilly to invest $5B in Virginia plant amid Trump's pharma tariff threats
Pharmaceutical giant Eli Lilly expanded its Virginia facility investment plans to $5 billion from original $2.1 billion amid the Trump administration tariff threats on drug imports.
Fed expected to cut rates for first time in 2025 amid Trump pressure
Fed policymakers expected to cut benchmark interest rate by 25 basis points amid labor market weakness and inflation rising further above the central bank's 2% target.
Trump urges NATO to stop buying Russian oil, back steep tariffs on China to end war
Trump urged NATO allies to halt Russian oil buys and impose sanctions and China tariffs, saying the moves would help swiftly end the war in Ukraine.
Federal budget deficit grows $92B to nearly $2T even as Trump tariffs increase revenue
The CBO said the federal deficit hit $2 trillion in the first 11 months of FY2025, driven by higher Social Security and Medicare costs as well as interest expenses despite tariffs.
Modi and Trump signal mutual optimism for US-India trade negotiations moving ahead
India's Modi calls U.S. a natural partner as both leaders work to settle trade negotiations involving dairy, oil purchases and technology market access disputes.