One year after Trump’s “Liberation Day" tariffs, many have been struck down, with officials working to refund roughly $166 billion in duties.
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 said two Supreme Court justices he appointed "sicken" him after they joined the majority in blocking his sweeping tariff agenda under the IEEPA.
Federal Reserve decision pushes expectations for rate cuts in 2026 lower, as uncertainty over the impact of the Iran war, sluggish job growth and stubborn inflation weighs.
Costco is facing a proposed class action lawsuit from a customer seeking tariff refunds for higher prices after the Supreme Court ruled Trump tariffs unconstitutional.
Yamaha Motor Co. announces the relocation of its U.S. headquarters from Cypress, California, to Kennesaw, Georgia, starting later this year.
Federal budget deficit reached $1 trillion in five months through February 2026 as tax revenue jumped $206 billion due to higher income tax and tariff collections, CBO data shows.
U.S. Commerce Secretary Howard Lutnick visited India days after the Supreme Court struck down President Trump’s tariffs as New Delhi hints at revisiting its U.S. trade deal.
FedEx said it will return any tariff refunds it receives to the shippers and customers who paid them after Trump's IEEPA tariffs were struck down as illegal.
The Supreme Court struck down Trump’s tariff authority, but the administration says it will revive the program using other trade laws.
Supreme Court strikes down Trump tariffs as unlawful, prompting Gov. Hochul to demand $13.5 billion refund for New York residents who paid additional costs.
Trade investigations targeting forced labor and excess capacity could lead to higher tariffs, with EU and other partners seeking clarity on strategy.
Byrna Technologies CEO Bryan Ganz moved manufacturing from South Africa to Indiana before President Donald Trump's tariffs, saying the company "correctly surmised" onshoring benefits.
FedEx sues U.S. government for tariff refunds after Supreme Court ruled Trump's emergency trade duties on imports were unlawful.
Supreme Court rules against Trump tariffs as toymaker Rick Woldenberg calls 6-3 decision "not enough" after his company faced taxes exceeding earnings.
Wine importer Victor Schwartz challenged Trump's tariffs at the Supreme Court and won, dealing a blow to the trade agenda after survival threats.
Trade experts note that businesses seeking tariff refunds may need to appeal to CBP or the Court of International Trade to get their money back after the Supreme Court's ruling.
The Supreme Court struck down President Donald Trump's IEEPA tariffs, which could open the door to billions of dollars in tariff refunds, though the ruling didn't establish the process.
The Supreme Court ruled Friday on two cases challenging President Donald Trump's tariffs under the International Emergency Economic Powers Act.
China's trade with U.S. midsize businesses plummeted 20% as Trump tariffs hit 37.4%, forcing companies to shift suppliers to Southeast Asia and beyond.
White House economic advisor Kevin Hassett called for the New York Fed to discipline economists over research showing U.S. businesses and consumers bear most of the tariff burden.