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.
Supreme Court says it will hear Trump appeal on tariffs in key economic case
The Supreme Court said Tuesday it will quickly decide whether most of President Donald Trump’s sweeping tariffs are legal.
Bank of America reports small business hiring down 6.7% year-over-year amid tariff surge
Bank of America Institute data shows small business hiring slowed 6.7% year-over-year as of July as tariff payments by importing firms surged nearly 170% since early this year.
New South Korea law seen shielding China, targeting US tech, risking trade clash
An extensive trade deal between with Seoul has been sidelined over a dispute between the country’s leaders over “discriminatory" policies targeting against U.S. tech firms operating in South Korea.
US job growth missed expectations in August amid economic uncertainty
The Labor Department released the August jobs report which showed that job growth continued at a subdued pace amid economic uncertainty over trade policy.
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LARRY KUDLOW: Stop the Tariff Lawfare
Lawfare from activist judges strike Trump's agenda, again
Trump admin weighs national housing emergency, Treasury's Bessent says
Treasury Secretary Scott Bessent said the Trump administration may declare a national housing emergency this year to address high housing prices and limited inventory.
Trump warns US will become 'Third World Nation' if federal courts strike down his tariffs
Trump claims tariffs generated $15 trillion in U.S. investment after federal appeals court ruled his sweeping trade tariffs unlawful under federal law.
Trump says US would be 'destroyed' without tariff cash
Tariff revenues reach $183.1 billion for fiscal year as Trump defends trade policies following court ruling against his emergency tariff authority.
Trump trade counselor Peter Navarro rebukes 'politicians in black robes' over 'partisan' tariff ruling
Trump administration eyes Supreme Court appeal after 7-4 appeals court ruling on tariffs, with Peter Navarro claiming partisan politics drove the decision.
Cracker Barrel's rebrand reversal follows financial struggles
Cracker Barrel is facing financial challenges with mixed sales results and tariff pressures as its CEO moves forward with a corporate transformation project.
Trump imposes additional 25% tariffs on India tied to Russian oil purchases
Trump imposes 25% tariff on India imports over Russian oil purchases, pushing some duties to 50% as retaliation for New Delhi's discounted crude imports.
Trump issues ultimatum, threatening tariffs over digital taxes and regulations
President Donald Trump put the world on notice, threatening significant extra tariffs on exports to America if countries do not drop digital taxes and regulations.
European, Asian postal services to halt shipments to US after end of de minimis tariff exemption
Postal services across Europe and Asia have paused U.S. deliveries ahead of new Trump administration tariff rules taking effect next Friday, Aug. 29.
Trump announces tariff investigation into furniture imports to restore U.S. manufacturing
Trump has announced a tariff investigation into furniture imports to restore manufacturing in states including North Carolina, South Carolina and Michigan.
Canada lifts tariffs on some US goods to resume trade talks
Canada will remove retaliatory tariffs on USMCA-compliant U.S. goods in an effort to restart trade talks with President Donald Trump's administration.
Fed minutes show tariff inflation fears outweighed jobs market in July rate decision
Minutes from the Fed's July policy meeting revealed policymakers prioritized tariff-driven inflation risks over labor market concerns when keeping interest rates unchanged.
Powell faces economic crossroads in Jackson Hole speech as Fed chair tenure nears end
Federal Reserve Chair Jerome Powell's speech at the Jackson Hole conference on Friday comes amid the labor market showing signs of weakness and inflation ticking higher due to tariffs.
Bessent says tariff revenue could help pay down the nation's $37.2T debt
Treasury Secretary Scott Bessent says that tariff revenue is likely to exceed $300 billion this year, adds that the funds could help pay down the nation's debt.
DHS expands forced labor import ban to steel, lithium, blocks billions in Chinese goods
Customs and Border Protection designates five new Chinese product categories as high priority for forced labor inspections following UFLPA enforcement expansion.