President Trump’s latest tariffs are set to increase import costs for American businesses and consumers, making it more complicated for them to calculate and pay the taxes. The tariffs on Chinese goods alone will make imports up to twice as expensive, while companies must now perform even more intricate calculations to determine how much they owe in duties.
The cost of tariffs falls primarily on American businesses importing goods from other countries, which ultimately pass some or all of these costs to consumers through higher prices. Importers often use customs brokers who calculate the tariffs owed based on the value and origin of the goods. However, with changing tariff rates and increased risk, some brokers are requiring upfront payments.
The Treasury Department collects the tariffs and allocates the funds for government expenses such as salaries, military equipment, and more. Businesses that pay less than they owe may face penalties, according to trade rules. Despite this, Customs and Border Protection has issued executive orders allowing for stricter monetary penalties if importers misclassify goods.
As a result of these changes, some US customs systems are already experiencing strain. However, supply chains have handled the increased volumes without major disruptions so far.
Source: https://www.nytimes.com/2025/04/11/business/economy/trump-tariffs-imports-costs.html