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'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.
Trump's bold tariff strategy has French cheese and wine makers trembling with uncertainty
President Trump plans to impose 30% tariffs on EU imports starting August 1, prompting French dairy leaders to warn of 'disastrous' impacts on their exports.
Kevin Hassett: Trump's 50% tariff on copper imports aims to prepare for US for future 'time of war'
White House Economic Council Director Kevin Hassett defends Trump's 50% copper tariff, citing national security concerns and domestic production.
Trump threatens 35% tariff on Canadian goods over dangerous cross-border fentanyl dispute
President Trump warns Canadian Prime Minister Mark Carney of a new 35% tariff on Canadian imports if the country doesn't address fentanyl trafficking and existing trade disputes.
Brazil hits back at Trump’s 50% tariff as he decries ‘witch hunt’ on Bolsonaro for alleged coup attempt
A trade war looms as President Lula da Silva refutes Trump's claims of trade imbalance and rejects demands to interfere with judicial proceedings
Trump announces sweeping 50% tariff on all Brazilian imports starting Aug. 1
In a letter to Brazilian President Lula da Silva, Trump declared a 50% tariff on all imports from Brazil, warning that any retaliatory tariff increases would be added to the initial 50%.
Wall Street shrugs off Trump's fresh trade war rhetoric, investors holding firm
So far this week, Trump has sent letters to 20 countries threatening new tariff rates and the U.S. market has remained steady.
Copper prices hit record high after Trump announces 50% import tariff
Copper futures rose dramatically following President Trump's plan for a 50% import tariff, pushing domestic prices to a 25% premium over global markets amid growing demand.
Trump announces higher tariff rates for more countries in letters published on social media
In a series of social media posts, President Donald Trump revealed higher tariff rates for six more countries as part of his ongoing "reciprocal" tariff policy based on bilateral trade deficits.
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.