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.
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Trump raises tariffs on South Korean goods from 15% to 25% over alleged trade violations, escalating diplomatic tensions between Washington and Seoul.
GM takes $7B hit after shifting EV strategy due to slowing demand
GM takes massive $7.2B charge to realign electric vehicle strategy following Trump administration policy changes and declining consumer demand for EVs.
Kevin O'Leary warns Canada over China ties as Trump threatens 100% tariff on northern neighbor
Kevin O'Leary warns Canada against China trade deal, saying it has "screwed" every business partner as President Donald Trump threatens 100% tariffs on Canadian goods.
Trump drops Europe tariff threats after reaching deal on Greenland framework
President Donald Trump announced he will no longer move forward with tariffs on a group of European allies after reaching an agreement on a future framework for Greenland.
European Parliament halts work on US trade deal in response to Trump Greenland push
European Parliament halts U.S.-EU trade talks, accusing Washington of threatening Denmark and Greenland's sovereignty through tariff measures.
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President Trump had an extraordinary first year, defending America economically, militarily, and culturally
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EU calls emergency meeting after Trump threatens tariffs on countries opposing his Greenland plans. European leaders rally behind Denmark in solidarity.
Trump threatens tariffs on countries opposing Greenland takeover plans
President Donald Trump threatens tariffs on countries opposing his Greenland acquisition plans, citing national security needs for the strategic Arctic territory.
Trump credits tariffs for hundreds of billions gained with 'virtually no inflation,' touts security
Trump claims tariffs drove "historic" economic gains after the U.S. and Taiwan announced a massive $500 billion semiconductor deal to rebuild domestic manufacturing.
US, Taiwan come to $250B 'America First' tariff deal over semiconductors
Taiwan and the United States came to an agreement on tariffs for semiconductors on Thursday, capping reciprocal tariffs at 15% and incentivizing investment in U.S. manufacturing.
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Prediction markets slash odds on a Trump tariff victory as the Supreme Court ruling looms. Kalshi and Polymarket bettors give just a 32% chance of success.
Supreme Court expected to rule Friday on Trump's power to impose tariffs
Educational toy maker and wine importer challenge President Donald Trump's tariff authority in a Supreme Court case that could determine fate of record trade revenue.
Trump administration scales back proposed tariffs on Italian pasta makers following review
The U.S. backed down on proposed tariffs threatening some Italian pasta makers, slashing duties from up to 92% to as low as 2.26% after preliminary review.
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Goldman Sachs economists predict U.S. economic growth will accelerate to 2.6% in 2026, driven by tax cuts, reduced tariff drag and Federal Reserve rate cuts.
Navarro warns US economy in 'perilous situation' as Supreme Court weighs Trump tariff powers
The Supreme Court will decide the fate of Trump tariffs as Peter Navarro warns of serious economic peril without crucial trade protection measures for America.
Canada's Carney expected to meet Trump at World Cup draw amid stalled trade talks
Canadian PM Mark Carney expected to meet President Donald Trump at FIFA World Cup draw amid stalled trade talks and ongoing tariff tensions affecting Canada's GDP.