Tariffs

The United States is one of the largest economies in the world, generating a remarkable $5.1 trillion in tax revenue in 2024. Of this total, $77 billion was derived from tariffs. Tariffs are essential components of international trade policy, serving as tools for governments to regulate economic activity. A tariff operates similarly to a tax; when a product is imported through U.S. ports from another country, it is subject to a tax upon entry, indicating that the product is not manufactured in the United States.