US Treasury Secretary Scott Bessent said the US is content with its current tariff setup with China, signaling the Trump administration wants stability ahead of the November trade truce deadline.
In a Fox News interview, Bessent said the status quo is “working pretty well” and called China the biggest source of tariff revenue.
Bessent went on to add in a further interview with CNBC he expects tariff revenues under President Trump to exceed his earlier $300 billion estimate, with the money going to pay down the federal debt rather than rebate checks for Americans.
“I’ve been saying that tariff revenue could be $300 billion this year. I’m going to have to revise that up substantially,” Bessent said.
In other news, The S&P Global Ratings affirmed the US’s AA+ long-term credit rating with a stable outlook on Monday, saying tariff revenues will help offset the fiscal blow from President Trump’s recent tax and spending bill.
The agency’s view comes despite Trump’s sweeping tariffs, which have rattled markets and strained trade ties.
Meanwhile, Brazil submitted its formal response to a US trade investigation, rejecting the allegations while challenging the probe’s legitimacy.
The investigation, launched in July under Section 301 of the 1974 Trade Act, will examine whether Brazil’s digital trade and tariff policies unfairly harm US businesses, US Trade Representative Jamieson Greer said.
Brazil’s finance minister Fernando Haddad said the country has hit an impasse with the US over tariffs, adding that resolving the dispute will depend on Washington’s willingness to engage.
Earlier this month, Trump unveiled “reciprocal” tariffs on dozens of US trade partners (which you can see in the graphic below).
The next negotiations to watch are Canada, Mexico, and China in the coming months.
Read more: What Trump’s tariffs mean for the economy and your wallet
Here are the latest updates as the policy reverberates around the world.
LIVE 1716 updates 
Beijing has restricted sales of Nvidia’s (NVDA) China specific AI chip after US Commerce Secretary Howard Lutnick made comments officials found “insulting.”
Chinese regulators, which include the Cyberspace Administration of China (CAC), the National Development and Reform Commission (NDRC), and the Ministry of Industry and Information Technology (MIIT), are now trying to discourage domestic tech firms from buying the H20 processor.
The FT reports:
President Trump’s tariffs may have rattled markets and nations alike, but one group have applauded Trump tariffs saying that adding import duties on aluminum and copper products will help American manufacturers.
Bloomberg News reports:
The European Commission said it has sent back the US draft joint statement on trade and tariffs, with talks on going between top officials.
While the EU and US agreed on a trade framework in July, only a 15% baseline tariff has been implemented so far, and Brussels is waiting for Washington to issue executive orders on sectors such as the auto industry.
Reuters reports:
Bloomberg News reports:
Wed, August 20, 2025 at 4:42 PM UTC Sony hikes PlayStation 5 prices in US as tariff uncertainty weighs
Reuters reports:
Target (TGT) released its second quarter results on Wednesday. The results are not as bad as the first quarter but declining sales due to falling demand and tariff headwinds has the retail giant in a bit of a bind. Shares in target fell 8% before the bell
Yahoo Finance’s executive editor Brian Sozzi looks at the latest from Target and whether it will ever find its place in this new economic environment.
Estee Lauder (EL) stock fell 8% before the bell on Wednesday after the beauty group forecast annual profit below Wall Street estimates, as it grapples with persistent weakness in the US and China markets and tariff uncertainty.
Reuters reports:
US soybean farmers have said they are now in a very vulnerable position due to President Trump’s tariffs and that they will not be able to survive a prolonged trade war with China.
Bloomberg News reports:
Norwegian and Swedish-Danish postal groups Posten Bring and PostNord said on Wednesday, they are pausing parcel shipments to the US ahead of the US customs tax loophole that allows duty-free entry for low-value packaged being scrapped.
Reuters reports:
India is pushing back against President Trump’s criticism of its Russian oil purchases, resuming imports from Moscow after a brief pause. Trump imposed an additional 25% tariffs on New Delhi due to its purchase of Russian oil.
Bloomberg News reports:
Treasury Secretary Scott Bessent said the US is content with its current tariff setup with China, signaling the Trump administration wants stability ahead of a November trade truce deadline.
In a Fox News interview, Bessent said the status quo is “working pretty well” and called China the biggest source of tariff revenue.
Bloomberg News reports:
US Treasury Secretary Scott Bessent has said he expects to see a big jump in revenues due to tariffs imposed my President Trump. Bessent said the money would be used to start paying down the federal debt and not to give rebates back to Americans.
Bessent, who spoke in an interview on CNBC,said he expected to revise his earlier estimate of $300 billion in revenues from tariffs, but declined to be specific on what he thought the new amount would be.
Reuters reports;
Tue, August 19, 2025 at 3:18 PM UTC US copper firms hike prices even after Trump tariff reprieve
Copper prices (HG=F) declined 1% on Tuesday, but analysts cautioned that consumers could still see higher costs for wire and cable as firms have more pricing power amid a new tariff environment.
Bloomberg reports:
President Trump surprised the logistics industry on Friday by expanding steel and aluminum tariffs to over 400 consumer goods, including motorcycles, baby products and tableware. US customs brokers and importers failed to get much notice and the changes took effect Monday, applying to goods already in transit.
Bloomberg News reports:
In the next 36 hours President Trump will send three Aegis guided-missile destroyers to waters off Venezuela to address what Washington sees as a threat from drug cartels.
The news, which was reported in Reuters, shows how the Trump administration are willing to use military force against Latin American drug cartels. Trump has placed pressure on Mexico to crack down on criminal organizations and end fentanyl trafficking. Another method that Trump is using is steep tariffs on goods.
Bloomberg News reports:
S&P Global Ratings on Monday affirmed the US’s AA+ long-term rating with a stable outlook, saying tariff revenues will help offset costs from President Trump’s recent tax and spending bill.
Bloomberg News reports: