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.
Trump gets apology from Canadian PM after anti-tariff Reagan ad backfires
Canadian PM Mark Carney said he apologized to President Donald Trump over a Ronald Reagan ad that sparked a 10% tariff hike on Canadian imports.
LARRY KUDLOW: Trust, but verify when it comes to China
For Trump and Southeast Asia, foreign policy equals trade policy
Trump and Xi strike trade truce: 5 key takeaways from the South Korea summit
President Donald Trump and Chinese President Xi Jinping held high-stakes talks at the APEC summit in South Korea amid ongoing trade disputes over soybeans and rare earths.
Canadians flee Florida real estate market as Trump tariffs and trade tensions create uncertainty
Douglas Elliman agent Senada Adzem says Canadian sellers are citing currency volatility, trade uncertainty — and a sense they "don’t feel as welcome" in the U.S. — as they leave Florida.
Canada's sudden free-trade conversion with Reagan ad betrays decades of protectionist policy
President Donald Trump canceled trade negotiations with Canada after Ontario released an ad using Ronald Reagan's words to criticize Trump's tariff policies.
Trump slaps Canada with extra 10% tariff over 'fraudulent' Reagan advertisement: 'Hostile act'
Trump slaps Canada with additional 10% tariff over a disputed Reagan ad that aired during World Series, calling it a "fraudulent misrepresentation" of the former president.
Trump ends Canada trade talks over 'FAKE' Ronald Reagan tariff ad: 'Egregious'
President Donald Trump said trade negotiations with Canada have been terminated over an advertisement featuring former President Ronald Reagan speaking out against tariffs.
Trump roasted for coffee tariffs as bipartisan lawmakers spill the beans on price jitters
Bipartisan lawmakers request the Trump admin remove coffee from its reciprocal tariff measures that are "drastically increasing" costs for two-thirds of Americans who drink coffee daily.
Surging tariff revenues set the stage for Trump’s Supreme Court showdown
President Donald Trump considers attending Supreme Court oral arguments next month as tariff revenues reach record $215.2 billion in fiscal 2025.
US businesses and consumers shoulder the bulk of tariff cost burden, Goldman Sachs finds
Economists at Goldman Sachs estimated that U.S. consumers will absorb 55% of tariff costs by the end of 2025, up from their current 37% share of the tariff burden.
Trump warns US will be 'struggling for years' if Supreme Court rules against him on tariffs
President Donald Trump warned the U.S. economy will struggle for years if the Supreme Court strikes down his IEEPA tariffs as being unconstitutional and exceeding his authority.
Film industry split over Trump's proposed tariffs on foreign-made movies
President Trump is proposing a 100% tariff on all foreign-made films, claiming that movie jobs have been “stolen" by international competitors. The film industry is divided on the idea.
Fed's Miran downplays impact of Trump’s tariffs on growth, inflation
Fed Governor Stephen Miran downplays the impact of Trump’s tariffs, saying there’s little evidence they’re hurting growth or driving up prices.
Trump considers historic appearance at Supreme Court tariffs hearing
President Donald Trump is considering attending Supreme Court arguments in a key tariffs case that could shape his trade policy, an unprecedented presidential move.
Ikea raises prices as Trump's furniture tariffs hit retailer
The Trump administration's tariffs on imported furniture is leading Swedish retailer Ikea to pass increased costs to customers through higher prices.
A secret fleet of ‘ghost ships’ moving Russia’s oil could soon enter Trump’s crosshairs
The shadow fleet of unmarked tankers evading international sanctions to deliver Russian crude to India and China is straining trade talks.
LARRY KUDLOW: China going rogue is gonna hurt them a whole lot more than us
President Trump will not stand for China's bad behavior
Whirlpool CEO says Trump tariffs create 'level playing field' for US manufacturing expansion
Whirlpool Corp. CEO Marc Bitzer says $300 million Ohio investment will create 400-600 jobs and level the playing field amid new tariff policies.
Stellantis unveils massive $13B US investment plan
Automaker Stellantis plans $13 billion domestic manufacturing investment to counter President Donald Trump's tariffs that could cost the company $1.7 billion annually.
GM takes $1.6B financial hit as EV tax credit changes force strategy overhaul
GM announced a $1.6 billion third-quarter charge as it revamps its electric vehicle strategy following the end of federal EV tax credits under the Trump administration.