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.<\/p>\n
“Tariffs will be paid on everything they apply to, without avoidance, and the amounts payable to the USA will SKYROCKET,” Trump wrote.<\/p>\n
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 \u2014 not the president. It’s not clear when SCOTUS will make its ruling.<\/p>\n
Meanwhile, Trump further expanded tariff breaks<\/a> 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<\/a> more broadly reducing tariffs on goods including beef, tomatoes, coffee, and bananas.<\/p>\n The push to reduce<\/a> 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.<\/p>\n Trump recently acknowledged<\/a> that US consumers are “paying something” for his tariffs.<\/p>\n Read more: What Trump’s tariffs mean for the economy and your wallet<\/a><\/p>\n LIVE 86 updates <\/p>\n Trump moves to preserve Xi truce while reassuring ally Japan <\/p>\n 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.<\/p>\n 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.<\/p>\n Bloomberg News reports:<\/p>\n Read more here. <\/a><\/p>\n 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.<\/p>\n Reuters reports:<\/p>\n Read more here. <\/a><\/p>\n Reuters reports:<\/a><\/p>\n Read more here. <\/a><\/p>\n Bloomberg reports:<\/p>\n Read more here<\/a>.<\/p>\n 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:<\/p>\n Read more here<\/a>.<\/p>\n 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.<\/p>\n \u201cWe are talking to them about\u201d rolling back EU tech rules, Lutnick said in an interview with Bloomberg Television. \u201cIn exchange for that, we will come up with a cool steel and aluminum deal.\u201d<\/p>\n Bloomberg News reports:<\/p>\n Read more here. <\/a><\/p>\n Bloomberg News reports: <\/a><\/p>\n Read more here. <\/a><\/p>\n 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.<\/p>\n \u201cToday it\u2019s not about negotiations, it\u2019s about the stock-taking exercise,\u201d EU trade chief Maros Sefcovic told reporters before the bloc\u2019s trade ministers met with senior US officials.<\/p>\n 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.<\/p>\n Earlier reports <\/a>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.<\/p>\n 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.<\/p>\n Bloomberg News reports:<\/p>\n Read more here. <\/a><\/p>\n Sun, November 23, 2025 at 5:47 PM UTC Canadian Prime Minister Carney tells G20 the world can make progress without the US <\/p>\n 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.<\/p>\n Bloomberg reports:<\/p>\n Read more here.<\/a><\/p>\n Sat, November 22, 2025 at 10:03 PM UTC Trump administration working on backup tariff plan ahead of SCOTUS decision <\/p>\n 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.<\/p>\n It’s not clear when the court will rule.<\/p>\n Read more here.<\/a><\/p>\n 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.<\/p>\n It appears he was right. Trump has now removed the 40% tariffs he imposed on Brazil’s agricultural products \u2014 his hand forced after US consumers complained of rising prices on everyday food products like beef, bananas, and coffee.<\/p>\n Bloomberg News reports:<\/p>\n Read more here. <\/a><\/p>\n 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.<\/p>\n The FT reports:<\/p>\n Read more here.<\/a><\/p>\n Fri, November 21, 2025 at 6:19 PM UTC Here’s why $1 trillion just got lopped off Trump’s expected tariff windfall <\/p>\n As noted below, the Congressional Budget Office cut its estimate of tariff revenue by $1 trillion on Thursday.<\/p>\n 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.<\/p>\n Yahoo Finance’s Ben Werschkul<\/a> reports on why the numbers were revised lower:<\/p>\n Read more here.<\/a><\/p>\n 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.<\/p>\n US retail prices have surged by an annual 40% in September, due in part to tariffs and rising food prices.<\/p>\n Reuters reports:<\/p>\n Read more here. <\/a><\/p>\n The AP reports:<\/a><\/p>\n Read more here. <\/a><\/p>\n President Trump’s tariff increases on imports from foreign countries will reduce<\/a> US deficits by $1 trillion less than previously estimated, according to data from the non-\u200cpartisan 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<\/a> in August.<\/p>\n 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 <\/a>by $2.5 trillion over 11 years, with government borrowing costs expected to fall $500 billion as a result.<\/p>\n Reuters reports:<\/p>\n Read more here. <\/a><\/p>\n 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.<\/p>\n 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.<\/p>\n Yahoo Finance’s Washington Correspondent Ben Werschkul<\/a> looks at why Trump’s dividend talk should be taken seriously.<\/p>\n Read more here. <\/a><\/p>\n Fri, November 21, 2025 at 3:38 AM UTC Tariffs likely to affect holiday wine prices in the US <\/p>\n Smaller selections and higher prices await shoppers looking for the perfect wine for their holiday dinners, CNN reports.<\/p>\n Read more here.<\/a><\/p>\n From Bloomberg:<\/p>\n Read more here<\/a>.<\/p>\n Thu, November 20, 2025 at 4:06 PM UTC Nvidia says it’s ‘disappointed’ as China business falls flat amid trade war <\/p>\n USDA expects deals on farmer aid, Chinese soy buys within weeks <\/p>\n
Vessels bound for US Gulf Coast terminals to load soybeans, sorghum for China <\/p>\n
Mon, November 24, 2025 at 9:37 PM UTC EU rejects demand to ease tech rules for lower steel tariffs <\/p>\n
Mon, November 24, 2025 at 3:57 PM UTC Trump, Xi speak for first time since countries agreed to trade truce <\/p>\n
Mon, November 24, 2025 at 1:08 PM UTC Lutnick says EU must change digital rules for steel tariff deal <\/p>\n
Mon, November 24, 2025 at 12:20 PM UTC Russian oil offered to India at deep discount after US sanctions <\/p>\n
Mon, November 24, 2025 at 9:46 AM UTC EU: No tariff deal expected during US officials\u2019 first visit <\/p>\n
Sat, November 22, 2025 at 7:19 PM UTC Lula scores tariff victory against Trump: ‘Today I’m happy’ <\/p>\n
Sat, November 22, 2025 at 12:46 AM UTC Reliance stops buying Russian crude at major refinery to comply with US sanctions <\/p>\n
Fri, November 21, 2025 at 3:00 PM UTC Global coffee prices plunge after Trump removes tariffs on Brazil <\/p>\n
Fri, November 21, 2025 at 9:41 AM UTC Japan’s exports to the world rise, but Trump’s tariffs dent its shipments to the US <\/p>\n
Fri, November 21, 2025 at 9:40 AM UTC Trump tariffs to reduce US deficits by $1T less than previous estimate: CBO <\/p>\n
Fri, November 21, 2025 at 7:38 AM UTC ‘Markets today should consider it real’: Why Trump’s tariff dividend talk is significant <\/p>\n
Thu, November 20, 2025 at 11:41 PM UTC Trump deepens tariff cut on Brazilian food as tariffs mount <\/p>\n