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

See a chart showing how US tariff revenue has grown in recent years.

Track how American tariffs have impacted different countries and industries.

Tariffs once fueled the US economy, historically serving as a primary source of revenue and a means to protect domestic industries.

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.

Listen to a podcast episode that outlines 250 years of world trade history.

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.

Tariffs are taxes levied on goods imported from abroad.

Policymakers make complex trade-offs when considering tariffs—while they can generate government revenue and encourage the consumption of locally produced goods, they can also lead to higher consumer prices and may negatively impact economic growth.

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.

How do tariffs work?

This brief animated video from Time walks through a simple example of a tariff on a single good, illustrating how this would affect the market for the good—both domestically and abroad—and who would eventually bear the cost of the tariff.

Revenue from tariffs goes to the US Treasury's general fund.

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

The history of tariffs stretches back to ancient Rome and Greece, where taxes were levied on imported grain and textiles to control trade.

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.

Tariffs are typically paid by the importing company or organization to the US Treasury.

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

President Trump's 2025 Tariffs added less inflationary pressure to the economy than expected in their first year

A year after the so-called "Liberation Day" in April 2025, tariffs have had a milder effect on inflation than feared—core goods prices have added only about 0.2% to the headline Consumer Price Index—but persistent policy uncertainty has rattled small business owners, who say the constant back-and-forth makes long-term planning difficult.

The Supreme Court ruled in February 2026 that Trump's emergency tariff powers didn't extend to imposing tariffs

In a 6-3 decision, the court held that the International Emergency Economic Powers Act—a 1977 law granting the president authority to regulate commerce during national emergencies—does not authorise the president to unilaterally impose tariffs, a power the Constitution reserves to Congress.

The Smoot-Hawley Tariff Act—which was passed during the Great Depression with the goal of reviving domestic industry—is among the most famous pieces of economic legislation in US history.

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.

Auto and consumer goods companies absorbed billions in costs due to President Trump's 2025 tariffs.

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.

Learn how the US tax code works and why it's important

First published in 1926, the US Code is the official codification of federal statutes in the US. Title 26 of the US Code, for instance, lists all of the federal tax laws of the United States. A new edition is published every six years.

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.

Explore over a century of US-Canadian relations.

Trade between the US and China has significantly increased in recent decades.

Despite the Supreme Court ruling that President Donald Trump's 2025 tariffs were unconstitutional, billions of dollars in refunds remain unresolved

Over 2,000 lawsuits seeking refunds have been filed by major companies, including FedEx and Costco, but CBP says its systems can't handle the volume. Interest on unpaid refunds is accruing at an estimated $650M per month.

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.

Read why the information Americans have about our tax system might be misleading

For many, filing taxes can be complicated and overwhelming. Some argue that the tax system obscures certain aspects of the US tax code, making it difficult for taxpayers to accurately assess potential reforms.

The General Agreement on Tariffs and Trade and its successor, the WTO, was formed to reduce trade barriers between nations.

The US dollar has served as the world's reserve currency for 80 years—but is its dominance coming to an end?

Since the establishment of the Bretton Woods economic system, about 90% of global foreign exchange transactions have involved USD. Although no viable alternative exists yet, the dollar's share of central bank reserves has decreased from 73% to 58% from 2001 to 2024, and President Trump's 2025 tariffs have sped up this trend.

The history of the World Trade Organization

This episode of the "Brettonomics with Nancy Jackson" podcast explores the history of the WTO and its predecessor, the GATT, revealing the key people, negotiations, and decisions that shaped today's international trade rules.

Tax policy can have a direct impact on the national debt, with past presidents' changes to tax codes inflating the deficit.