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.
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.
Trump advisor Navarro says India must stop buying Russian oil
White House advisor Peter Navarro criticized India's Russian oil imports in an op-ed after Trump announced new tariffs targeting India and other countries buying Russian energy.
'On the cusp of a Golden Age': GOP senators tout Trump's tariff policies
Senate Republicans told Fox News Digital that President Donald Trump's tariffs create manufacturing jobs and economic growth, despite criticism over potential price increases.
LARRY KUDLOW: Trump can turn off the economic Russian spigot
If anybody can negotiate an end to the Russia-Ukraine war, President Trump can
Trump using oil tariffs, sanction threats as leverage ahead of Putin showdown in Alaska
President Donald Trump is set to travel to Alaska to meet Russian President Vladimir Putin as he seeks negotiations to end Russia's war against Ukraine, threatening more tariffs on Russian energy if ceasefire talks falter.
Fed's current monetary policy stance is 'exactly where we want to be,' official says
Kansas City Federal Reserve President Jeffrey Schmid said he favors keeping interest rates at current levels to prevent economic growth from reigniting inflation.
Trump administration official says Wall Street tariff inflation fears like 'waiting for Godot'
A key official in the Trump administration's economic team touted the July CPI inflation report as evidence that tariff-induced inflation isn't going to materialize as economists fear.
AriZona iced tea’s 99-cent price may finally end after 30 years — tariffs could be to blame
AriZona founder Don Vultaggio warns the company may raise prices for the first time in decades if Trump's 50% aluminum tariffs take effect.
Trump slams Goldman Sachs CEO over tariff predictions: 'Focus on being a DJ'
President Donald Trump criticized Goldman Sachs CEO David Solomon over a tariff report showing U.S. consumers ultimately bear the costs, telling him to focus on being a DJ instead.
Trump postpones China tariff deadline 90 days after touting ‘very good’ relationship with Xi
Treasury Secretary Scott Bessent participated in trade negotiations with China in May that resulted in a deal to temporarily ease up on strict tariffs imposed in April for 90 days.
Gold prices fall from record highs after Trump clarifies tariffs won't hit bullion imports
U.S. gold futures dipped from record highs after the Trump administration clarified that it won't impose tariffs on commonly traded gold bars, after confusion caused prices to rise.
Trump says gold will not be tariffed amid rumors it might be following US Customs and Border Patrol ruling
President Donald Trump clarifies that gold imports will not be tariffed in new Truth Social announcement, following uncertainty over the matter stemming from U.S. Customs ruling.
Trump calls tariff windfall 'so beautiful to see' as cash sails in
President Trump praised tariff revenues during a White House briefing, calling the $25 billion surge in excess cash flow "beautiful" and crediting his trade policies.
Fed governor maintains outlook for three interest cuts in 2025
Fed Governor Michelle Bowman spoke this weekend and maintained her projection of three interest rate cuts in 2025 despite the central bank leaving rates unchanged at its July meeting.
Inflation report drops Tuesday as economists warn prices are going up
The July CPI inflation report will be released on Tuesday with economists expecting prices ticked higher as more tariffs took effect, complicating the Fed's rate cut outlook.
US budget deficit has widened by $109B from a year ago despite influx of tariff revenue
The federal budget deficit increased by $109 billion in first 10 months of fiscal year 2025 despite a $70 billion boost from the Trump administration's tariffs on imported goods.
Canada slashes tens of thousands of jobs in sharp economic shift after Trump imposed tariffs
Canada's labor market stumbled in July with a loss of 40,000 jobs, driven by U.S. tariffs under Trump that continue to hit the country’s manufacturing sector.
Sanctioning Russia Act threatens Moscow, allies with 500% tariffs
The legislation grants President Donald Trump sweeping authority to impose economic, financial and trade penalties should Moscow refuse to negotiate peace, violate an existing agreement or launch further attacks.