Tariffs are paid by the importer, or an intermediary acting on the importer’s behalf. But it is often someone else who ultimately shoulders the cost. Mr Trump argues that it is the exporter who takes the hit. Research has generally found that it is US consumers and businesses that end up paying for tariffs, through higher prices.

US President Donald Trump has defied decades of economic convention by imposing punitive tariffs on goods from some of the country’s most important trading partners. Undeterred by warnings that the measures could trigger a recession,

Donald Trump has dropped a tariff hammer on America’s trading partners, announcing a sprawling set of import taxes that are expected to significantly raise prices for U.S. consumers. The president and his allies heralded April 2 as a historic “Liberation Day” for the United States.

Long-threatened tariffs from U.S. President Donald Trump have plunged the country into trade wars abroad — all while on-again, off-again new levies continue to escalate uncertainty.

March 26, 2025: President Trump announces a 25% tariff on almost all imported cars to be effective April 3, 2025, and on key auto parts planned for May 3. March 12, 2025: The U.S. announces Increased tariffs on steel and aluminum to 25% globally. March 4, 2025: Trump increases tariffs on Chinese imports to 20%.

U.S. President Donald Trump plans to replace income taxes with tariffs, but what does that mean for the average middle-class American? “Donald Trump announced the External Revenue Service, and his goal is very simple: to abolish the Internal Revenue Service and let all the outsiders pay,

The Trump administration is getting ready to start the “External Revenue Service,” a new agency that will collect tariffs. The administration hopes that this will help get rid of the Internal Revenue Service (IRS).

President Donald Trump announced tariffs on global trade partners during a White House Rose Garden event dubbed "Make America Wealthy Again" Wednesday afternoon.