President Trump and Chinese leader Xi Jinping held their first call Monday since the US and China struck a trade and tariff truce last month.
The two leaders discussed several areas of bilateral and geopolitical tension, according to readouts, including China’s purchases of US soybeans and the self-governing island of Taiwan. Trump touted the call as “very good,” and said he had accepted an invitation to visit Beijing in April and that Xi would reciprocate with a visit to the US later next year.
“Now we can set our sights on the big picture,” Trump said.
Meanwhile, friction between the US and EU continues to build as the two nations look to implement the framework agreement struck earlier this year. The EU is seeking lower tariffs on certain goods, like steel and aluminum (both of which currently remain at 50%), but it rejected a demand to ease tech rules. The EU says its “digital rulebook” is not aimed at US tech companies.
The White House is quietly preparing a backup plan as the US Supreme Court is set to decide whether Trump had the authority to issue them in the first place. Trump on Monday claimed the “full benefit” of tariff policies would take effect soon, arguing that foreign buyers who stockpiled inventory would be forced to buy more goods.
“Tariffs will be paid on everything they apply to, without avoidance, and the amounts payable to the USA will SKYROCKET,” Trump wrote.
The president invoked the International Emergency Economic Powers Act (IEEPA) to levy blanket tariffs on goods from other countries. But Congress is the branch of the US government with oversight of taxation and spending — not the president. It’s not clear when SCOTUS will make its ruling.
Meanwhile, Trump further expanded tariff breaks on Brazilian goods, part of moves to lower costs on some everyday goods as consumers grapple with price struggles. The move came a week after he signed a similar order more broadly reducing tariffs on goods including beef, tomatoes, coffee, and bananas.
The push to reduce food prices comes after electoral wins for Democrats across a number of key state and local races where candidates stressed affordability concerns. Trump has also in recent weeks floated the possibility of a tariff “dividend” for many Americans in the form of a $2,000 check.
Trump recently acknowledged that US consumers are “paying something” for his tariffs.
Read more: What Trump’s tariffs mean for the economy and your wallet
LIVE 86 updates
Trump moves to preserve Xi truce while reassuring ally Japan
President Trump held back-to-back calls with the leaders of China and Japan on Monday, in an effort to maintain ties with allies in Tokyo while also trying to keep the one-year trade truce with Beijing in good standing.
Trump held an hourlong conversation with China’s President Xi Jinping, marking the first time the two had spoken since their countries agreed to a trade truce. Tensions between Japan and China have escalated over recent weeks due to statements made by Japan’s Prime Minister Sanae Takaichi over Taiwan.
Bloomberg News reports:
The Trump administration will announce an aid package for US farmers and a deal on Chinese soybean purchases within two weeks, US Agriculture Secretary Brooke Rollins said on Monday.
Reuters reports:
Bloomberg reports:
President Trump and Chinese leader Xi Jinping spoke Monday for the first time since the US and China agreed to a trade truce. Though the call touched on trade issues, Bloomberg reports the focus was on China’s increased tensions with Japan over the self-governing island of Taiwan:
US Commerce Secretary Lutnick has told the EU that before the US considers lowering tariffs on steel and aluminum the EU needs to change its digital regulations.
“We are talking to them about” rolling back EU tech rules, Lutnick said in an interview with Bloomberg Television. “In exchange for that, we will come up with a cool steel and aluminum deal.”
Bloomberg News reports:
Contrary to earlier reports, the European Union said that no discussions to lower tariffs on steel and other products will take place with US officials on Monday.
“Today it’s not about negotiations, it’s about the stock-taking exercise,” EU trade chief Maros Sefcovic told reporters before the bloc’s trade ministers met with senior US officials.
US Commerce Secretary Howard Lutnick and US Trade Representative Jamieson Greer are in Brussels for the first time since the EU and US reached a trade agreement in July.
Earlier reports had indicated that the EU was preparing to urge the US to implement more of the July trade deal, such as reducing US tariffs on EU steel and removing them from EU goods, such as wine and spirits.
EU ministers plan to discuss pressing issues such as Chinese rare earth and chip export restrictions. Under the trade deal agreed between the US and EU in July, the US decided to set 15% tariffs on most EU goods. But while insisting the process is on course, there are some key items on which it wants to see progress.
Bloomberg News reports:
Sun, November 23, 2025 at 5:47 PM UTC Canadian Prime Minister Carney tells G20 the world can make progress without the US
At the G-20 summit in South Africa, Canadian Prime Minister Mark Carney said the world can make progress on issues without the US, which is boycotting the gathering at President Donald Trump’s direction.
Bloomberg reports:
Sat, November 22, 2025 at 10:03 PM UTC Trump administration working on backup tariff plan ahead of SCOTUS decision
As the US Supreme Court rules against President Trump’s tariffs, the White House is quietly working on a backup plans, Bloomberg reports, which would aim to quickly replace the tariffs.
It’s not clear when the court will rule.
When President Trump imposed 40% tariffs on Brazil, in addition to a 10% “reciprocal” tariff, back in July, President Luiz Inacio Lula da Silva suspected that the US president had a weak hand and would eventually have to retreat.
It appears he was right. Trump has now removed the 40% tariffs he imposed on Brazil’s agricultural products — his hand forced after US consumers complained of rising prices on everyday food products like beef, bananas, and coffee.
Bloomberg News reports:
Reliance, India’s largest private oil refiner, has announced that it will cease using Russian crude at one of its largest refineries, in an effort to comply with US and EU sanctions.
The FT reports:
Fri, November 21, 2025 at 6:19 PM UTC Here’s why $1 trillion just got lopped off Trump’s expected tariff windfall
As noted below, the Congressional Budget Office cut its estimate of tariff revenue by $1 trillion on Thursday.
When the CBO ran the numbers in August and predicted President Trump’s tariffs would lower the deficit by $4 trillion, the president’s policy had increased the effective tariff rate by 18 percentage points, CBO director Phillip Swagel stated. However, when they reran the numbers this week, finding that tariff revenue would reduce the deficit by $3 trillion, the increase was down to a 14 percentage point bump.
Yahoo Finance’s Ben Werschkul reports on why the numbers were revised lower:
Global coffee prices fell on Friday after President Trump removed 40% tariffs on imports of Brazilian agricultural products, including coffee and cocoa. The latest move from the US president comes after growing concern from the American consumer around rising prices of food products, such as coffee, bananas and beef.
US retail prices have surged by an annual 40% in September, due in part to tariffs and rising food prices.
Reuters reports:
President Trump’s tariff increases on imports from foreign countries will reduce US deficits by $1 trillion less than previously estimated, according to data from the non-partisan Congressional Budget Office. The CBO said on Thursday that the deficit will be reduced by $3 trillion if these measures are maintained through 2035, instead of the $4 trillion the agency projected in August.
The CBO based its latest estimate on tariffs imposed by Trump between January 6 and November 15. The agency said primary deficits would be reduced by $2.5 trillion over 11 years, with government borrowing costs expected to fall $500 billion as a result.
Reuters reports:
President Trump may struggle to find many supporters for his $2,000 tariff dividend, which would allow his administration to distribute checks to the American people in an effort to ease the cost-of-living crisis. Trump has previously stated that tariffs will bring in billions of dollars in revenue.
However, economists have suggested that Trump’s proposal will, in fact, cost hundreds of billions of dollars more than what tariffs will bring in annually.
Yahoo Finance’s Washington Correspondent Ben Werschkul looks at why Trump’s dividend talk should be taken seriously.
Fri, November 21, 2025 at 3:38 AM UTC Tariffs likely to affect holiday wine prices in the US
Smaller selections and higher prices await shoppers looking for the perfect wine for their holiday dinners, CNN reports.
From Bloomberg:
Thu, November 20, 2025 at 4:06 PM UTC Nvidia says it’s ‘disappointed’ as China business falls flat amid trade war
As the dust settles on Nvidia’s (NVDA) solid earnings beat and guidance raise, my colleague Laura Bratton notes that China remains a sore spot for the AI chipmaker.
The US effectively banned Nvidia from selling its H20 chips to China in April, only lifted in August when President Trump agreed to grant export licenses for a share of those revenues. By then, Beijing had forbidden its own tech firms from buying the chips.
Laura reports: