Tariffs

What company filings say about tariff risk

Second-quarter 10-Q filings from across the Fortune 500 split companies into two groups.

Trump dusts off a 1930 law to hit Canada

The administration imposed an immediate 50 per cent tariff on imports from Canada on 19 August, using Section 338 of the Tariff Act of 1930.

What Americans now pay in tariffs

Under the new Section 301 regime, the average tariff paid on goods entering America has settled into two tiers, according to a detailed review of federal trade policy.

One tariff ends, another begins

The temporary 10 per cent tariffs imposed under Section 122 reached the end of their 150-day statutory life at midnight on 24 July, and at that moment the administration unveiled a tough new tariff regime under Section 301.

The tariff refund boost to earnings

Court-ordered tariff refunds have taken over the second-quarter earnings calls. Big consumer-products groups and retailers are reporting large net income beats, and the refunds, not their operations, account for all of the gain.

Tariff refunds mean more government borrowing

The Treasury has updated its borrowing plans, and they make for sober reading. Paying the court-ordered $166 billion in tariff refunds will mean a large and immediate increase in net Treasury bill issuance for the rest of the fiscal year.

Is it oil or tariffs pushing prices up?

A new statistical breakdown of the mid-2026 rise in inflation takes up the question that divides the Federal Reserve.

Paying tariffs while suing to get them back

Importers are paying Section 122 tariffs at the border every week while paying lawyers to win the same money back.

Trump's temporary tariff is about to expire

The administration's temporary 10 per cent tariff, imposed under Section 122 of the Trade Act of 1974, lapses by law on 24 July, when its 150-day statutory life runs out.

Steel tariffs hit everything made of steel

Customs officials on 19 June moved the Section 232 steel tariffs of 25 to 50 per cent onto a "full-value" basis for thousands of imported finished goods, a heavy blow to American fabricators and the factories they supply.

Trump's tariffs get a sturdier legal footing

The administration opened broad investigations on 2 June under Section 301 of the Trade Act of 1974, aimed at foreign forced-labour practices and digital services taxes.

Court rules Trump's new tariff illegal too

The US Court of International Trade (CIT) struck down the administration's temporary 10 per cent tariffs on 7 May, knocking out the White House's fallback trade plan.

Who deserves the tariff refund?

Tax Day: Refunds from the IRS — and from Customs

On Tax Day 2026 millions of American households sent their annual returns to the Internal Revenue Service.

Steel tariffs just got a lot bigger

On 6 April the administration rewrote its tariffs on metals. Duties used to be calculated on the value of the steel or aluminium inside an imported product.

Tariffs go up, refunds go out

Washington ran two stories side by side on 10 March. The administration announced plans to raise Section 122 tariffs to the legal maximum of 15 per cent.

Who gets the $166bn tariff refund?

With the IEEPA tariffs struck down, boardrooms have started fighting over $166 billion in refunds.

Trump's new tariff has a 150-day clock

On 24 February, days after the Supreme Court's rebuke, the White House invoked Section 122 of the Trade Act of 1974 and imposed an immediate, temporary 10 per cent tariff on all goods imports.

The Supreme Court strikes down Trump's tariffs

The Supreme Court struck down the administration's across-the-board tariffs by 6–3 on 20 February.

Tariffs raise $30bn a month. Not for long?

Customs duties were bringing in $30 billion a month in early 2026, holding federal revenue at record levels.

Super Bowl: Shoppers wait for the tariff verdict

Americans settled in to watch Super Bowl LX with something besides football on their minds.

How long do Trump's tariff threats last?

A typical presidential tariff threat lasts about seventy-two hours before the retreat or the exemptions arrive.

Trump's tariff threat over Greenland

On 20 January the White House threatened European countries with immediate 25 per cent tariffs on all their goods exports unless Denmark and its European allies formally open talks on handing sovereignty over Greenland to the United States.

Tariffs are now funding the government

Customs duties raised $195 billion in gross collections in fiscal year 2025, according to Treasury Department receipts.

Companies brace for a tariff refund

More than $130 billion of emergency IEEPA customs duties hang on the Supreme Court's tariff ruling, and company accountants and the Big Four audit firms are busy drafting contingency disclosures.

Thanksgiving: Beef, tariffs and the holiday table

Thanksgiving tables offered a live test of how fast prices respond when a tariff is removed.

Trump cuts tariffs on beef and coffee

On 14 November the White House abruptly exempted imported beef and raw coffee beans from all border tariffs.

What if the tariffs have to be refunded?

The Supreme Court heard oral arguments on 5 November in the landmark challenge to the administration's use of the International Emergency Economic Powers Act (IEEPA) to impose across-the-board tariffs.

America and China call a truce, again

On 4 November Washington and Beijing surprised markets once again with a broad trade de-escalation, rolling back punitive tariffs and suspending retaliatory export controls.

Diwali: The rupee hits a record low

The Indian rupee fell to a record low of 88.8 to the US dollar as millions celebrated Diwali.

100% tariffs on drugs, unless you build here

Appeals court rules against the tariffs

India hit with 50% tariffs

The administration has put a 50 per cent tariff on Indian imports, doubling the 25 per cent reciprocal rate in force since 7 August with a further 25 per cent that takes effect on 27 August.

Back to school: Tariffs hit the shopping list

Back-to-school shopping has given American families a practical lesson in trade economics.

Copper tariffs, with a twist

Washington's new tariffs on imported refined and semi-finished copper take effect on 1 August, and their structure surprised the market.

Tariffs finally show up in prices

June's consumer price index settled the argument over whether tariffs raise prices.

Japan's deal: 15% and $550bn

Tariffs are raising $27bn a month

America collected $27 billion in tariff receipts in June alone, according to official customs revenue figures.

Trump's tariff letters arrive

Formal tariff letters from the White House reached Tokyo and Seoul on 7 July, and the diplomatic niceties went out of the window with them.

Prime Day: Four days of discounts, and tariffs

Amazon stretched Prime Day to four days this year and filled it with millions of promotions.

Tariffs still aren't showing up in prices

May's consumer price index put headline inflation at 2.4 per cent year-on-year, and once again the tariff-driven surge that many had expected failed to appear.

China's rare earths are its best weapon

When trade talks reconvened in London on 9–10 June, Beijing played its strongest card.

Steel tariffs double

On 4 June the White House doubled baseline tariffs on imported steel and aluminum, from 25 per cent to 50 per cent.

A court strikes down Trump's tariffs, for now

Where are the tariff price rises?

Consumer prices rose a modest 2.3 per cent in the year to April, despite months of tough talk on trade and rising border levies.

Tariffs haven't dented Big Tech's AI spending

Alphabet has confirmed that its capital spending will run above $75 billion a year, and Microsoft and Meta have repeated their own large plans for AI infrastructure.

Tax Day: The biggest tax rise in decades isn't in the tax code

The Yale Budget Lab estimates that the administration's tariffs have raised the effective national tax rate by about 22 per cent.

145%: a tariff that stops trade

Washington has raised duties on Chinese imports to 145 per cent, and Beijing has answered with levies of 125 per cent on American goods.

The formula behind Trump's tariffs

The S&P 500 fell 4.8 per cent on 3 April after the White House published a formula that ties each country's tariff rate to America's goods trade deficit with it.

Liberation Day: what to expect

At the end of 2024 the effective US tariff rate stood at about 2.4 per cent, a historic low that supported decades of largely free trade.