Read an overview of US tariff policy before the second Trump Administration

Explore the complex trade-offs policymakers face when considering tariffs

While tariffs can generate government revenue and encourage the consumption of locally produced goods, they can often lead to higher consumer prices and may negatively impact economic growth.

The overall economic effect of President Trump's 2025 tariffs remains unclear

Researchers from UCLA and Yale found that tariff revenue and gains to US producers largely offset importers' costs—but the broader picture is murkier, as the trade deficit rose, manufacturing jobs declined, and 90% of tariff costs were passed through to importers rather than absorbed by foreign exporters.

US Tariff revenue rose to $264B in 2025—More than double that of recent years

In April 2025, President Donald Trump announced tariffs on countries across the globe, raising them to unprecedented levels in modern American history. The increase in tariff rates led to a significant rise in tariff revenue.

Tariffs once fueled the US economy

US tariffs peaked in 1930 with the Smoot-Hawley Tariff Act, which slashed global trade by 65%. Once a key revenue source, tariffs gave way to income taxes in 1913, leading to decades of lower trade barriers. Today, US tariffs remain among the lowest worldwide.

An economic evaluation of US tariffs

Most economists agree that the implementation of large-scale tariffs on foreign goods would hurt both the American and global economies. This video from The Wall Street Journal explains the rationale for tariffs as a tool for domestic job creation, but explains why they may hurt the overall economy.

What are tariffs and how do they work?

Tariffs are taxes on imported goods paid by importing companies but typically passed on to consumers. They vary by country and product and, despite recent spikes, have historically accounted for less than 2% of federal revenue. Explore more with these data visualizations from USAFacts.

Pros and cons of tariffs

While some mainstream economists are skeptical about tariffs, President Donald Trump is bullish on them. The pros and cons of tariffs include their ability to help governments raise money and the potential for retaliatory tariffs.

Trump's 2025 tariffs represent a significant break from the rules-based trade order

The Trump administration imposed broad tariffs on other countries outside WTO rules in 2025, claiming that those countries had long violated trade agreements and that the US was simply leveling the playing field.

Behind the scenes on tariff politics

Economist Gene Grossman joined the Trade Talks Podcast to discuss why tariffs really happen. The episode digs into how voters, politicians, lobbyists, and even campaign cash can affect when protectionist trade policies are put forward. Produced in 2019, the podcast also discusses how populist trade policies and identity politics accounted for Donald Trump’s victory in the 2016 Presidential election.

A nuanced break down of how tariffs are impacting prices

As tariffs have increased to their highest levels since the 1930s, economists have kept a close eye on retail prices. This chart and accompanying explainer shows correlations between key tariff announcements and news and the costs of roughly 350,000 goods from five major retailers.

A primer on USAID under the Trump Administration

The Congressional Research Service is a nonpartisan group dedicated solely to responding to questions and providing deeply researched explanations to members of Congress and their staff. The overview lays out the establishment of the US Agency for International Development in 1961, legal restrictions on its elimination, and options to restructure or fold USAID into other departments.

The Tariff Act of 1789 was one of America's first acts

One of the first acts ever passed by the United States Congress instituted tariffs on foreign goods. The bill was sponsored by then-Congressman James Madison and signed into law by President George Washington. The goods the first Congress felt necessary to tax included Jamaican rum, playing cards, and—of course—British tea.

Trade and tariffs in the Roman world

Trade between nations and empires date back thousands of years, including the use of tariffs to raise government revenue.

A trade war is an economic conflict where nations impose tariffs or other trade barriers on each other in retaliation for similar actions

The US-China trade war is one example. While they aim to protect domestic industries, they can lead to higher prices for consumers and strained international relations.

250 years of world trade history

Adam Smith’s revolutionary ideas about free trade were often ignored throughout American history to protect domestic industry—until World War II caused a shift in sentiment about global trade.

Review Congress's 2025 report on the history of US critical mineral policy

For decades, supply chains for critical minerals have grown increasingly vulnerable due to reliance on imports. In 2022, the US Geological Survey expanded the list of critical minerals to 50 to better reflect growing industrial needs, exacerbating this vulnerability.

Explore the Council on Foreign Relations' essay collection on the future of US foreign policy

This project brings together expert essays examining the future of American strategy, regional relations, geoeconomics, great power rivalry, and war in a rapidly changing global landscape.

Understanding the low corporate tax rate in the US

Corporate taxes, which make up roughly a third of the federal government's revenue, have been calculated using a flat 21% rate since the Tax Cuts & Jobs Act of 2017. The current rate is considered low both by historic standards (it averaged over 50% in the 1950s and 1960s) and compared to other countries.

Read through the actual text of the US Constitution

This helpful guide from the US Congress includes annotations that provide valuable insights into the background, crafting, and legacy of each article in the document. Additionally, the resource offers accessible legal analysis and interpretations.

The current federal budget, deficit, and debt, in charts

The US Treasury regularly publishes updated data on the federal budget, and this site hosts visualizations of that data. See reports on spending, revenues, deficits, and where the national debt stands.

The venture capital mindset is shaping the US into a 'portfolio state'

For decades, the US has operated as a low-regulation, private-sector-driven, globalized economy (also known as neoliberalism). In recent years, the Trump administration has taken direct stakes (rather than providing subsidies) in private companies with strategic products like semiconductors and rare earths. This paper argues the approach allows the US to capture the upside of growth.

Explore the important legislation that has shaped US immigration policy

Read about pivotal immigration legislation from the 1882 Chinese Exclusion Act—the first law restricting immigration by nationality—through DACA, examining how economic conditions, national security concerns, and social attitudes shaped American immigration policy throughout history.

Listen to a podcast that traces the history of DOJ antitrust enforcement

This podcast series traces how the US government's approach to regulating big business has changed over a century—from the DOJ's breakup of John D. Rockefeller's Standard Oil monopoly, through lawyer Robert Bork's influence on how courts interpret competition law, to the FTC's modern antitrust lawsuit against Amazon.

Tracking the latest developments in the Taiwan Strait

China continues to express its desire to unify with Taiwan and prevent the island republic from any interaction with the United States of America. See the latest skirmishes and saber-rattlings on the part of the Chinese government in this detailed article that provides clear data visualizations of how China has encroached on Taiwan's air space and tested the waters, so to speak.

Presidents now rely on executive agreements instead of formal treaties

Formal treaties—requiring two-thirds Senate approval—have become rare in American foreign policy. Modern presidents increasingly use executive agreements, which don't need congressional consent, allowing faster diplomacy but reducing legislative oversight and transparency.

The US dollar is the most widely circulated currency in the world, and is involved in nearly 90% of global transactions

The United States has had a tumultuous relationship with Cuba since its 1959 revolution, highlighted by a nuclear crisis and a decades-long trade embargo.

While the first exchange-traded fund (a 'basket' of different assets that can be bought and sold on a stock exchange) in the US only launched in 1993, the global ETF market has grown to more than $10T in the short time since.

Learn how to read a prospectus, the juicy document that any company must file with the SEC before going public.

The American Society of Civil Engineers' infrastructure report card gave the US a C in 2025, its highest grade since the project launched in 1998.

Trace how the Bill of Rights, inspired by centuries of political theory, took shape between 1774 and 1789.

US consumers collectively owe more than $1T to credit card companies—almost as much as they owe in auto loans.

Discover the catastrophic consequences of a failure of the US electrical grid—something that is more likely than many Americans think.

The idea for the Federal Reserve was conceived in secret in 1910—with bankers donning duck hunt gear for disguise while traveling to a remote country club on Georgia's Jekyll Island

The price of gas is a composite made up of several different factors, with the federal gas tax making up less than 20% of what drivers pay at the pump.

Mark Twain spent decades feuding with the US Postal Service, convinced its costs and regulations were bureaucratic overreach.

Art theft is the third-largest source of criminal revenues worldwide, thanks in part to the subjective nature of valuing a work of art.

Jimmy Carter signed a 1978 bill that legalized home brewing, a move credited with kick-starting the craft beer industry.

Explore an interactive map of battles from the American Revolution, along with detailed summaries of each engagement

In 2025, four executives from large tech companies were given positions in the US Army Reserves—including Palantir Chief Technology Officer Shyam Sankar, which reinforced Palantir's ties with the US military and its role as a leading defense partner.

The first steps to rebuilding your credit score include getting to know exactly what's on your credit report and figuring out how far you are from the '700 club,' or 'good score' range.

A century of Billboard issues documenting the evolution of popular music.

Use this tool to calculate the dollar value of your parental mental load, from meal planning to coordinating after-school care, then see resources that help generate solutions.

How Amazon operates a 'flywheel' business model, a self-reinforcing cycle that drives continuous growth

Listen to an in-depth conversation on the links between Parkinson's disease and herbicide exposure and the challenging pace of scientific investigation.

The American cockroach is actually from Africa, an apparent hitchhiker aboard ships carrying enslaved people, with evidence suggesting the bug may have arrived in the New World as early as the 1600s.

Visualize how CRISPR-Cas9—a type of immune system used by single-celled organisms to attack invasive viruses—targets and makes precise changes to a gene's DNA.

Watch how deep-sea mining equipment collects and processes polymetallic nodules—metal-rich, potato-shaped rocks—from the ocean floor and creates environmentally damaging plumes of sediments.

The Brothers Grimm were lawyers before they were storytellers, but became interested in fairy tales as they began investigating how rules and customs had been passed down through cultures.