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.
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.
Fed official calls July jobs report 'concerning' as economy hits potential turning point
Fed Governor Lisa Cook said that the weak July jobs report and large downward revisions suggest the U.S. economy could be at a "turning point" as businesses face elevated uncertainty.
Trump 'Liberation Day' reciprocal tariffs take effect
President Donald Trump's tariff increases took effect Thursday as trade tensions escalate, with countries like Canada and India facing high duties.
Trump's higher tariffs go into effect on dozens of countries
President Donald Trump's higher import taxes on dozens of countries went into effect on Thursday, impacting more than 60 countries and the European Union.
Trump raises tariffs on India, Canada, Brazil and others over stalled trade deals
The Trump administration implements sweeping tariffs while securing deals with key partners and maintaining temporary truces with Mexico and China.
Trump hits India with 25% tariff over Russia oil purchases
President Donald Trump imposes 25% tariff on Indian imports through executive order citing the country's purchases of Russian oil amid Ukraine war.
Trump to 'substantially' hike India tariffs, accuses country of fueling 'Russian war machine'
President Trump announces substantial tariff increases on India, accusing the country of profiting from Russian oil purchases while Ukraine war persists.
US collects $29B in tariff revenues in July, setting new monthly record
The U.S. collected more than $29 billion in tariff revenues in July, the highest monthly total to date so far this year, bringing the total to $152 billion.
China’s trade deadline ‘under discussion’ after Washington has positive talks with Beijing: US Trade Rep
U.S. Trade Representative Jamieson Greer says negotiations with China are progressing positively as both sides work to avoid tariffs snapping back to 84%.
In a dissent not seen in three decades, two Fed governors wanted to cut interest rates and here is why
Federal Reserve Governors Bowman and Waller dissented from this week's decision to hold interest rates steady and explained why they would've cut rates by 25-basis-points.
Trump escalates Canada tariffs to 35% while setting new tariff rates for dozens of other countries
President Trump signs executive order raising Canada tariff to 35% on Thursday, citing the nation's role in allowing illegal drugs to flow into America.
Rand Paul: Bourbon industry 'hates' being a target in US trade fights
Republican Senator Rand Paul of Kentucky says that the bourbon industry does not like being an easy target in President Donald Trump's trade battles.
South Korea to invest $350B in US under new Trump trade agreement, tariff rate lowered to 15%
South Korea agrees to $350 billion investment in American projects and $100 billion energy purchase under new trade agreement announced by Trump.
American distillers hoping for favorable trade deals amid Trump's tariffs: 'Industry should be immune'
American distillers hope the U.S. will reach a trade deal with Canada and Mexico by the end of the week as inconsistent trade talks complicate planning, production and distribution.
Trump announces new US-Pakistan trade deal to develop oil reserves
Trump reveals US-Pakistan partnership for oil development following Secretary of State Rubio's meeting last week with Pakistani Foreign Minister Ishaq Dar.
Federal Reserve holds key interest rate steady for fifth straight meeting despite Trump's pressure
The Fed left its benchmark interest rate unchanged following its July policy meeting amid uncertainty over the impact of tariffs on inflation and economic conditions.
Trump announces 25% tariff on India, slamming 'obnoxious' trade barriers, Russia military and energy buys
President Donald Trump said India would face a 25% tariff on Aug. 1 and promised other penalties over the country's Russian energy and military buys.
Parent company of Charmin and Tide brands to raise prices on other products due to tariff pressure
P&G plans single-digit price hikes on about a quarter of its U.S. products as it looks to offset about $1 billion in cost increases stemming from higher tariffs.
Senate Republicans wants Americans to get $600 checks from tariff revenue
Sen. Josh Hawley proposed $600 per person rebates from the government's tariff revenue, with families of four receiving up to $2,400 under the his new bill.
July tariff revenues break monthly record, with $150B collected so far in 2025
The U.S. collected nearly $28 billion in customs duties in July, the highest monthly total so far this year.