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 teases announcements on trade negotiations with seven countries
President Trump teases trade negotiations with multiple countries after announcing a new 50% tariff on imported copper and warning 14 nations to strike trade deals by next month.
Byrna Technologies CEO 'pleased' with Trump tariffs hitting Chinese rivals
Byrna Technologies Inc. CEO Bryan Ganz reports being pleased with some of Trump's sweeping tariffs as his company recently moved most of its manufacturing back to the U.S.
A breakdown of the trade links of Trump’s latest tariff targets
The majority of the new tariffs announced closely reflect the rates proposed by President Donald Trump in April.
Trump pledges 50% tariff on copper imports
President Donald Trump has announced that the U.S. will impose a 50% tariff on imported copper, marking a significant escalation in his broader tariff policy aimed at Copper tariff of 50% announced by Trump during cabinet meeting discussion critical U.S. industries.
New Council of Economic Advisers report finds tariffs not causing inflation
A new report from the Council of Economic Advisers found that the prices of imported goods have fallen this year and have declined faster than overall goods prices since February.
Trump threatens additional 10% tariffs on 'anti-American' BRICS nations
Trump announces plans for 10% tariff on BRICS alliance members, calling them "anti-American" while the bloc criticizes unilateral tariffs and attacks on nuclear facilities.
Trump announces 25% tariffs on Japan, South Korea
The U.S. will impose tariffs of 25% on Japan and South Korea beginning on Aug. 1, President Donald Trump announced on Monday in posts on Truth Social.
Tariffs will revert to April levels if countries don't make a deal by August 1, Bessent says
Tariffs are set to return to President Donald Trump's original April levels without new trade deals by August 1, Treasury Secretary Bessent said Sunday.
Fireworks business booms this Fourth of July as trade talks fizzle out incoming supplies
Some fireworks companies warn tariffs could slow business ahead of America's 250th birthday in 2026. The American Pyrotechnics Association warned of a shortage among new products.
China trade war threatens US fireworks industry: Stars, Stripes and Sticker Shock
The American fireworks industry warns tariffs could dampen Fourth of July celebrations in 2026.
Trump's tariff policies reshape online shopping habits, new report finds
A new report shows President Donald Trump's tariffs are affecting consumers' online shopping behavior, with 34% delaying purchases and 28% buying earlier to avoid costs.
Trump urged to take on South Korea over tech regulations that target US, spare China
Congressional Republicans warn that South Korea's new legislation could advantage Chinese tech firms over U.S. companies, urging negotiators to address the issue in tariff negotiations.
Challenges loom for trucking industry with end of Trump's tariff pause
President Trump’s 90-day pause on tariffs could be ending early this month. For truckers at Southern California’s ports, that could mean even more economic uncertainty.
Fed Chair Powell confirms tariff concerns prevented interest rate cuts so far this year
Fed Chair Jerome Powell said tariff concerns delayed interest rate cuts, stating the central bank would have likely reduced rates this year if not for potential consumer price hikes.
Canada rescinds digital services tax for the US: What is it and why did Trump want it gone?
Canada rescinded its 3% digital services tax that was due to take effect on Monday morning after President Donald Trump threatened to halt trade talks.
Canada responds after Trump halts trade talks over digital services tax
Canada proceeds with digital services tax despite Trump's threat to terminate trade talks, as tech companies face a 3% tax on revenue from Canadian users retroactive to 2022.
Trump says US terminating all trade talks with Canada over digital services tax
President Donald Trump said on Friday that because of Canada’s digital services tax on American tech companies, the U.S. will end all trade talks with its northern neighbor.
Treasury secretary reveals 'peace deals' with China as rare earth supplies set to flow
President Trump's trade talks with China have led to "de-escalation," according to Secretary Bessent, who shared new details about the tariff negotiations.
US economy shrank 0.5% in the first quarter of 2025 amid tariff uncertainty
The Commerce Department released its third estimate of U.S. gross domestic product for the first quarter and found the economy contracted at an annual rate of 0.5%.
Trump warns Spain: Pay up for defense or pay 'twice as much' in trade negotiations
President Donald Trump slams Spain as NATO's "only country that won't pay up" to the 5% defense spending target, warning of trade repercussions while the alliance pushes for increased military funding.