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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US and China meet in London for round 2 of high-level trade talks
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Trump, South Korea's new president agree to make a deal on tariffs that would satisfy both countries
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Delta warns against imposing new tariffs on commercial planes, parts, amid national security probe on imports
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Trump’s 50% tariffs on imported steel, aluminum take effect
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Trump admin seeks countries' best offers ahead of tariff deadline
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China accuses US of undermining trade agreement
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Trump says Pakistani officials visiting US to negotiate trade deal ahead of potential 29% tariff
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Trump doubles steel tariffs to 50% in bid to boost US industry
While in Pittsburgh, President Donald Trump revealed a tariff increase on steel from 25% to 50% while discussing a deal with Nippon Steel.