Both taxes and tariffs have changed dramatically in 2025. President Trump’s One Big Beautiful Bill (OBBB) Act rewrote major elements of the tax code while his tariff policies significantly increased the cost of importing goods into the United States.
You’re almost certainly affected by at least some of 2025’s tariffs or tax updates. So, what do you need to know?
Tariffs are now a huge factor for businesses in 2025
In 2025, tariffs have gone up to levels not seen since the 1930s. This creates major challenges for businesses that rely on imported goods, although you may be able to mitigate some of the impact.
What are tariffs?
Tariffs are a tax on imports. If a domestic business, like a manufacturer or a retailer, imports goods from a country that is subject to tariffs, tariffs will be due on those goods when they arrive in the U.S. Tariff rates are based on the country of origin, not where the import is shipped from.
Who pays tariffs?
Tariffs are paid by the importer of record (buyer), not the seller. Dues are collected by U.S. Customs at ports of entry, like the Port of Los Angeles.
How have tariff rates changed in 2025?
Since Trump began imposing tariffs shortly after taking office, the average tariff rate on US imports has jumped from 2.4% to roughly 18%. This is unprecedented in modern history.
- Roughly $26 billion per month in tariffs is being collected.
- Tariff rates vary considerably from country to country and by sector.
- Rates also frequently change, sometimes dramatically.
- Tariffs are regularly announced and then temporarily paused.
Read this article in full here.
Wipfli brings the curiosity needed to uncover what’s been overlooked. Our ingenuity helps create unexpected results. Our team of more than 3,200 associates works together to bring integrated solutions to turn data into insights, to optimize workflows, to increase margins and to transform through digital innovation.
