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 champions EU trade deal, as French PM slams it a ‘submission,' others balk
The new U.S.-EU trade agreement implements 15% tariff on European goods as EU leaders reluctantly accept terms, with France calling it "a dark day," while President Donald Trump celebrates the deal in Scotland.
Wine and spirits industry left on ice as sector overlooked in EU-US trade negotiations
The new EU-U.S. agreement, secured by President Donald Trump in Scotland, imposes a 15% tariff on most European goods but does not outline a tariff for the wine and spirits industry.
Trump's massive economic trade deal with EU: What to know
President Donald Trump and EU Commission President Ursula von der Leyen announced a trade deal framework setting a 15% baseline tariff on most EU goods, down from Trump's planned 20% tariff.
Lutnick backs Trump’s ‘50-50’ odds of striking trade deal with EU ahead of August deadline
The EU faces potential 30% tariffs as Commerce Secretary Howard Lutnick confirmed there will be no extensions beyond the Trump administration's Aug. 1 deadline.
Luxury yacht company continues to sail smoothly despite Trump's trade tariffs, partners with Palm Beach hotel
PorterYachts teams with the Ben Hotel to offer luxury yacht experiences, with CEO Brian Blouin stating that recent tariffs haven't affected charter business.
Pakistan says trade deal with US could come within days, Trump admin offers no timeline
Pakistani Foreign Minister Ishaq Dar said his country was "very close" to a trade deal with the U.S., but officials in Washington did not mention any timeline.
Trump secures historic $550B trade deal with Japan: 'Never been anything like it'
The Trump administration secured a $550 billion investment from Japan with 90% of profits going to the US, along with reciprocal tariffs of 15% and expanded market access.
Trump announces 'huge win' for American businesses in landmark Indonesia trade deal that eliminates barriers
New US-Indonesia trade agreement eliminates tariffs on American exports while securing commitments to protect labor rights and purchase Boeing aircraft and farm products.
A complete timeline of Trump's tariff implementation strategy across the globe
A look at President Donald Trump's unfolding trade deals ahead of the Aug. 1 tariff deadline.
Trump ‘absolutely’ going to renegotiate USMCA, Lutnick says
President Donald Trump "absolutely" plans to renegotiate the USMCA when the pact comes under review next year, Commerce Secretary Howard Lutnick said.
White House says Canada has been 'difficult' as trade deadline looms
White House press secretary Karoline Leavitt said Canada has been "pretty difficult to deal with" with respect to negotiating a trade deal with the Trump administration.
Powell shares what it would take for him to leave the Fed, book reveals
An excerpt from "Trillion Dollar Triage" details Fed Chair Jerome Powell’s measured public responses – and more candid private reactions – to Trump’s ongoing threats to fire him.
From bourbon to Bordeaux: Trump's tariffs spill into global booze markets
President Donald Trump's 30% tariffs on European Union goods could drive up costs across the world's alcohol trade. The EU is eyeing retaliatory measures.
China's 'chokehold' over critical minerals has created 'life or death matter for the 21st century': experts
The House Foreign Affairs Committee heard testimony on security risks as the U.S. remains 100% import reliant on nearly a quarter of 50 critical minerals dominated by China.
JPMorgan CEO reveals what's keeping the American economy strong despite global challenges
JPMorgan Chase CEO Jamie Dimon noted that the U.S. economy remains resilient but warned of potential risks from tariffs, trade uncertainty, geopolitical conditions and fiscal deficits.
Trump tariffs spark surge in bonded warehouse use by importers
American importers can store goods in the U.S. Customs and Border Protection's bonded warehouses nationwide to defer import duties amid rising tariffs.
Trump announces Indonesia trade agreement: 'good deal for both parties'
President Donald Trump announced on Tuesday that the U.S. and Indonesia have agreed to a trade deal after speaking with the country's president.
Trump's tariff revenues are hitting record-highs, generating $100 billion so far this year
Tariff revenues have brought in more that $113 billion so far this year, according to the Treasury Department data. The U.S. received more than $27 billion in customs duties in June alone.
Trump pledges 'very severe' secondary tariffs targeting Russia without ceasefire deal in 50 days
President Donald Trump said he would hit Russia with “very severe" tariffs if President Vladimir Putin doesn’t reach a cease-fire with Ukraine in 50 days.
From cattle to crude: How Trump's tariffs are rattling the Lone Star State
From cattle to cotton to crude, Texas trade contributed a cool $850 billion to the U.S. economy in 2024, according to the Federal Reserve Bank of Dallas. What's more, Texas, the nation’s top exporter, relies heavily on international commerce, making it highly vulnerable to President Donald Trump's sweeping tariffs.