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"
- Texas – New Law Modifies Definition of Video Service and Excludes Streaming Content
- Illinois – General Information Letter Comments on Taxability of GenAI Services Provided via Website or App
- Washington – DOR Provides Guidance on New Law Taxing Certain Advertising Services Beginning October 1
- Excise Taxes and Fees on Wireless Services Up Again in 2025
- Washington DOR Releases Q4 2025 Sales Tax Rates for Car Dealers and Lessors
