In his first term, President Donald Trump began a trade war by imposing nearly $80 billion worth of new import taxes, or tariffs, on a broad range of goods Americans buy from overseas businesses. Now as a candidate, Trump has proposed even more tariffs that would potentially apply to every single import purchase Americans make. Import tariffs are taxes levied on goods entering a country, collected at customs, and paid by the importing business or individual. Tariffs have significant consequences, including higher prices for American businesses and consumers, misallocation of resources, higher production costs, currency appreciation, and foreign retaliation.
Source Tax Foundation
Latest Posts in "United States"
- New York ALJ Rules Telecom’s FUSF Fees in Bundled Services Subject to Sales Tax
- Texas Ruling: Telehealth Services Not Taxable as Data Processing or Information Services
- Wisconsin Bulletin Clarifies Tariffs as Part of Taxable Sales and Purchase Prices
- Arkansas Rules Online Platforms Must Collect Sales Tax for Both Virtual and In-Person Events
- Florida Repeals Business Rent Tax Effective October 1, 2025: New Guidance Issued
