Trump tariffs live updates: Trump has said tariff revenues could pay for at least 9 different things; Democrats say tariffs have cost each American household $1...

President Trump has floated at least nine different plans for how revenue from his tariffs could be spent, according to an analysis from Yahoo Finance’s Ben Werschkul, dating all the way back to the 2024 presidential campaign.

The promises have included everything from sending Americans $2,000 tariff dividend checks to paying for the tax cuts that Republicans instituted over the summer.

During [a recent rally in Pennsylvania](https://www.c-span…

The promises have included everything from sending Americans $2,000 tariff dividend checks to paying for the tax cuts that Republicans instituted over the summer.

During a recent rally in Pennsylvania, Trump reiterated his feelings for the word "tariffs" during his remarks, telling the audience "I love it more than any other word in the dictionary."

But after lifting some tariffs on items like coffee, oranges, and cocoa, monthly tariff revenues dropped, from $31.35 billion received in October to $30.76 billion last month. That marks the first decrease since Trump began implementing the duties.

Looming over all the tariff talk is the Supreme Court decision that could not only invalidate most of the new tariffs, but possiblyforce the government to issue refunds of up to $100 billion.

The administration announced a $12 billion bailout fund for farmers on Dec. 9, as the agricultural sector has been hard hit by tariff fallout. That money "would not be possible without tariffs," the president said.

Soybean exports have come in particular focus, with trade slowing to a crawl as China virtually halted its purchases before the countries agreed to a trade truce in October.

Despite welcoming the support, US farmers have said they need more than a $12 billion aid package to fully offset low crop prices and lost export opportunities due to Trump’s trade war.

The farm bailout comes amid an increased push on Americans’ price concerns. In an interview published Tuesday, Trump allowed he may look for "some" additional carveouts, weeks after his administration slashed tariffs on items like beef, coffee, and bananas.

Following Trump’s acknowledgment that Americans are paying "something for tariffs," Democrats estimate that on average, US households have paid nearly $1,200 in additional costs as a result of the duties.

Indonesia said that it hopes to conclude its trade agreement with the US by the end of 2025. This week, reports emerged that the trade deal between Washington and Jakarta was at risk of collapse due to Indonesia’s failure to implement its side of the agreement.

Trump gave the green light on Monday for Nvidia (NVDA) to sell some of its more powerful H200 chips to China. The US president said that China’s Xi Jinping had responded "positively" to the move.

Several US companies, such as Costco (COST), have filed lawsuits and claims to the US government for tariff refunds in the belief Trump’s tariffs will be struck down by the US Supreme Court. If the courts rule against Trump’s tariffs, the president may be forced to repay billions of dollars in collected revenue from imports, according to a report in the New York Times.

LIVE 149 updates

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How China racked up a $1T trade surplus

President Trump’s tariffs have dominated much of the news this year, from tit-for-tat levies to on-and-off trade negotiations, but one thing that has remained unstoppable amongst all the tariff noise has been China’s trade.

The Financial Times has looked at how China racked up a $1 trillion trade surplus, when most countries struggled.

The FT reports:

From $2k dividend checks to tax cuts: What Trump has said his tariffs will pay for

The revenue coming in from President Trump’s tariffs dipped in November, but the president’s oft-made promises for what he will do with the money have continued apace.

According to Yahoo Finance’s count, the president has floated at least nine different ideas for how tariff money could be used, stretching back to the 2024 campaign.

It’s a list of promises that ranges from sending Americans $2,000 tariff dividend checks to paying for the tax cuts that Republicans instituted this summer.

Trump reminded the crowd at a recent rally in Pennsylvania just how he feels about tariffs, saying of the word, "I love it more than any other word in the dictionary." He only demoted it behind other words like religion and family, he said, at the behest of the "fake news."

Yet the tariff revenue picture has gotten considerably more cloudy in recent weeks after the president bowed to Americans’ affordability concerns and lifted some tariffs on items like coffee, oranges, and cocoa that had seen price increases.

Americans are paying ‘something’ for tariffs, Trump says. Democrats say it’s around $1,200.

President Trump said last month that the American people are "paying something" for tariffs.

Democrats have tallied up what they say is the actual cost.

Democrats on the bicameral Joint Economic Committee (JEC) have estimated that, on average, US households are paying nearly $1,200 in additional costs due to Trump’s tariffs.

The Hill reports:

Indonesia targets concluding tariff deal with US by year end

Indonesia hopes to conclude its trade agreement with the US by the end of 2025. This week, reports emerged that the trade deal between Washington and Jakarta was at risk of collapse due to Indonesia’s failure to implement its side of the agreement.

Growing tensions between the US and Indonesia have threatened to unravel ties between the two countries, prompting Jakarta to announce that it will send a delegation to Washington next week to discuss the matter and finalize what was agreed upon by leaders in July.

Coordinating Minister for Economic Affairs Airlangga Hartarto spoke to US Trade Representative Jamieson Greer on Thursday.

Bloomberg News reports:

Emerging markets are shrugging off Donald Trump’s tariffs

The FT reports:

Trump’s tariffs intensify strain on US farmers, Deere warns

Deere (DE) has warned that President Trump’s tariffs are backfiring on US farmers, prompting some to delay replacing outdated or old equipment.

The FT reports:

Trump, Modi speak as US-India trade talks inch forward

President Trump and India’s Prime Minister Narendra Modi have spoken in a bid to ease trade tensions between the two sides. Modi said the conversation was "warm and engaging" and added that they had "reviewed the progress for bilateral relations and had also discussed regional international developments."

Trump imposed 50% tariffs on India, 25% of which was due to India’s purchase of Russian oil. Hints that both sides were trying to reconcile and restart trade negotiations emerged earlier this week, with the arrival of US officials in New Delhi.

Bloomberg news reports:

US trade deficit narrows in September to hit smallest margin in more than 5 years

The US trade deficit narrowed in September to its smallest margin in more than five years, as exports increased healthily and imports grew slightly.

The deficit shrank by 10.9% to $52.8 billion, according to data released by the Department of Commerce on Thursday, marking the lowest level seen for the measure since June 2020.

Exports rose 3% to $289.3 billion in the month, while imports rose by a much softer 0.6% to $342.1 billion. The month saw noted strength in consumer goods exports, which reached a record high in September, while on the other side, imports of automotive vehicles, engines, and other parts fell to their lowest level since November 2022.

The real goods deficit narrowed by 5.6% on the month, equal to $4.7 billion. Making up that figure, real exports of goods gained 4.2% against a gain in nominal goods exports of 4.9%, while real imports of goods gained 0.7% equal to a gain of 0.7% in nominal goods imports.

Notably, the US’ trade deficit with China — a longtime preoccupation of the Trump administration and President Trump personally — shrank to $11.4 billion from a previous $15.4 billion, a change of roughly 25%.

Jenny McCall

Thu, December 11, 2025 at 11:34 AM UTC

US can replicate revenues if Supreme Court rules against IEEPA tariffs: Greer

US Trade Representative Jamieson Greer said on Wednesday that the US will other measures to recreate the $200 billion in revenues it is collecting under tariffs if the Supreme Court shuts down the use of the International Emergency Economic Powers Act that the Trump administration is currently using.

Reuters reports:

Thu, December 11, 2025 at 10:40 AM UTC

Thu, December 11, 2025 at 12:58 AM UTC

Brett LoGiurato

Wed, December 10, 2025 at 9:52 PM UTC

Powell says tariffs have caused inflation ‘overshoot’

Fed Chair Jerome Powell ‌on Wednesday pointed to President Trump’s tariffs as the reason for the current overshooting of the central bank’s 2% inflation target.

"It’s really tariffs that ‌are causing most of the inflation overshoot," Powell said, while emphasizing that the central bank expects the tariffs to represent a "one-time" increase in prices.

"Our job is to make sure that it is," he added.

Powell also declined to weigh in on a reporter’s question over the impacts of a potential Supreme Court decision striking down Trump’s most sweeping tariffs.

Read our live blog for the latest updates and analysis on the Fed.

Jenny McCall

Wed, December 10, 2025 at 12:19 PM UTC

Jenny McCall

Wed, December 10, 2025 at 11:25 AM UTC

US farmers say Trump’s $12 billion aid package won’t cover losses

US farmers have said they need more than a $12 billion aid package to fully offset the low crop prices and lost export opportunities resulting from President Trump’s trade war.

Trump introduced the aid package for farmers this week, with the industry welcoming the support, saying it would help them prepare for the next planting season. However, the industry suggested that it is a fraction of farm losses and will not rescue the flagging farm economy.

US farmers have faced steep losses this year due to Trump’s tariffs, saddled with low crop prices and higher costs for labor and inputs, such as fertilizers and seeds, and coupled with the decline in exports of crops like soybeans, which have dropped due to Trump’s trade dispute with China.

Reuters reports:

Wed, December 10, 2025 at 10:08 AM UTC

Jenny McCall

Wed, December 10, 2025 at 10:06 AM UTC

US-Indonesia trade deal at risk of collapse

The trade deal between the US and Indonesia is in danger of collapsing, The Financial Times reported Wednesday, citing people familiar with the matter. US officials have grown increasingly frustrated at what they view as Jakarta reneging on the terms of the agreement reached in July.

The trade deal states that Indonesian goods will face a US tariff rate of 19%. Indonesia will also eliminate tariff barriers on over 99% of US products exported to Indonesia across sectors such as agriculture, health products, seafood, and technology.

However, the report said that Jakarta is slow to implement the deal.

The FT reports:

Tue, December 9, 2025 at 7:31 PM UTC

Brett LoGiurato

Tue, December 9, 2025 at 1:21 PM UTC

Trump suggests he may cut ‘some’ additional tariffs amid affordability push

President Trump defended his sweeping tariff policies, but suggested in an interview on Tuesday that he may allow for "some" additional carveouts after moves to slash duties on goods that were surging in price.

In an interview with Politico, Trump was asked whether he’d consider cutting tariffs on other consumer staples. In recent weeks, his administration has slashed duties on coffee, beef, and bananas, in a bid to address Americans’ concerns over price pressures.

Trump said he would "on some, and on some I’ll increase tariffs." He said the breaks he approved recently amid a voter outcry against elevated prices on groceries in particular were "very small carveouts."

"It’s not a big deal," he said.

See the full interview here.

Jenny McCall

Tue, December 9, 2025 at 9:39 AM UTC

Trump’s tariffs are not reducing the trade deficit

One of the key questions being asked is whether President Trump’s tariffs are helping to close the trade deficit. For the FT’s senior trade writer Alan Beattie, the answer is no.

The FT reports:

Chinese premier cites damage from US tariffs, as China’s surplus surpasses $1T

China’s Premier Li Qiang said on Tuesday that tariffs have dealt a "severe blow" to global economies. These latest remarks from Beijing come as China’s trade surplus surged past $1 trillion.

The AP reports:

Trump approves Nvidia H200 chips for sale to China

Nvidia (NVDA) has been given the go-ahead from President Trump to sell some of its more powerful H200 chips to China.

Yahoo Finance tech editor Daniel Howley reports on the latest developments surrounding Nvidia’s chip sales to China.

Tue, December 9, 2025 at 9:13 AM UTC

Jenny McCall

Tue, December 9, 2025 at 9:05 AM UTC

Trump threatens Mexico with 5% tariff increase over water dispute

President Trump threatened Mexico on Monday with an additional 5% tariff over what he calls unfair treatment of American farmers.

Trump posted on Truth Social, saying that Mexico is violating its water treaty with the US and hurting Texas farmers’ ability to nourish their crops and livestock.

“As of now, Mexico is not responding, and it is very unfair to our U.S. Farmers who deserve this much-needed water,” Trump posted Monday. “That is why I have authorized documentation to impose a 5% Tariff on Mexico if this water isn’t released, IMMEDIATELY.”

The treaty Trump is referring to is the Utilization of Waters of the Colorado and Tijuana Rivers and of the Rio Grande, signed in 1944.

This 5% tariff would apparently come in addition to the 25% duties that Trump imposed on Mexico this year. Most Mexican goods, however, come to the US with smaller or no duties under the free-trade agreement between the countries.

Bloomberg reports:

US, India seek to reset ties as trade deal remains elusive

Hints that the US and India are on the verge of restarting trade talks emerged on Monday as two separate US delegations arrived in New Delhi this week to hold discussions with their Indian counterparts.

Bloomberg News reports:

Lawmakers in Mexico consider hiking tariffs on goods from China and other Asian countries

With the US-China trade war continuing apace, the Mexican government will debate tariffs of its own this week, as it considers a proposal before the legislative assembly to raise tariffs on products from China and other Asian countries — including South Korea, Thailand and India — by as much as 50%, Reuters reports.

Cars, textiles, clothing, plastics and steel are among the products coming into Mexico that may see new or higher levies if the bill were to pass.

Along with China, Mexican business groups strongly oppose such legislation. But there is a sense of urgency to pass the bill before the end of the congressional session on Dec. 15.

Trump unveils $12 billion aid package for farmers struggling with tariff impacts

President Trump unveiled a $12 billion farm aid package aimed at helping American farmers who have been hard hit by the ongoing trade war with China, which has left them dealing with higher costs and difficulties selling their crops.

As the Associated Press reports, many farmers are Trump supporters, at least when it comes to his politics. However, the fluctuating tariff rates Trump has implemented leave farmers who raise cattle and grow crops such as corn, cotton, sorghum, rice, wheat, and potatoes, s especially those who grow soybeans, struggling to keep up.

To help farmers, Trump wants to loosen environmental constraints on tractor manufacturing

As he unveiled s $12 billion aid package to provide relief to American farmers on Monday, President Trump admonished farm equipment-makers to lower their prices on tractors.

He blamed "environmental restrictions" for driving up costs, and said companies like Deere & Co. would be allowed to forgo such regulations, according to Bloomberg.

"They’re going to have to reduce their prices because farming equipment has gotten too expensive, and a lot of the reason is because they put these environmental excesses on the equipment, which don’t do a damn thing except make it complicated," the president said.

Bloomberg reports:

Companies prepare — as best they can — for possible tariff refunds

Companies are lining up and preparing for a tariff refund should the US Supreme Court force the Trump administration to refund billions in tariff revenue.

Some retailers, like Costco (COST) are suing the Trump administration in order to secure their future eligibility for refunds. But there is still uncertainty about whether the Supreme Court’s decision will invalidate Trump’s tariffs.

Yahoo Finance’s Washington Correspondent Ben Werschkul looks at the latest developments within Trump’s tariffs.

UK trade minister to visit US this week for talks on tariffs

Reuters reports that the UK’s trade minister will visit the United States this week to follow up on trade talks after the two countries signed a deal to eliminate tariffs on UK pharmaceuticals in exchange for the UK to reform its drug pricing scheme.

From Reuters:

Japan revises economic data to show bigger contraction in July-September period

Japan’s economy shrank 2.3% in the July-September period, according to data from the government. This contraction was partly due to exports suffering due to the impact of President Trump’s tariffs and a fall in public investments.

The AP reports:

Mon, December 8, 2025 at 12:05 PM UTC

Jenny McCall

Mon, December 8, 2025 at 9:12 AM UTC

China’s trade surplus tops $1T for first time

China’s trade surplus in goods exceeded $1 trillion for the first time this year, indicating that it exported significantly more goods to other countries than it imported. Its US shipments, however, dropped 29% amid the trade war between the US and China.

In November, China’s overall exports were 5.9% higher than in the same month in 2024, at $330.3 billion, exceeding economists’ estimates. It was also an improvement from a 1.1% contraction in October. This latest data only highlights the widening gap between the country’s exports and imports.

In the first 11 months of the year, China’s trade surplus was $1.076T, according to data released by Beijing’s customs administration. The record surplus comes in the wake of a deescalation in trade tensions between the US and China, which resulted in a one-year truce being agreed in October.

But China’s export success has drawn criticism from trading partners, such as France, with President EMacron pointing to “unbearable” imbalances on a visit to the country last week.

The AP reports:

China’s November exports expected to have rebounded off US tariff truce

China’s exports are likely to have returned to growth in November, following a dip in October. Manufacturers rushed to move inventory to take advantage of the one-year trade truce with the US.

Reuters reports:

Fri, December 5, 2025 at 9:13 AM UTC

Jenny McCall

Thu, December 4, 2025 at 2:37 PM UTC

China hints it might be easing export limits on rare earths

China signalled on Thursday that it might be open to relaxing restrictions on rare earth exports, after Beijing introduced curbs which caused turmoil for businesses globally.

"To my knowledge, the Chinese government has promptly authorized all compliant export applications for civilian purposes," said spokesman He Yadong from the Chinese Ministry of Commerce.

The one-year trade truce reached between President Trump and China’s Xi Jinping last month helped suspend the October restrictions Beijing placed on rare earth materials.

DPA reports:

Trump considering USMCA exit

President Trump is considering withdrawing from the United States-Mexico-Canada Agreement (USMCA), according to a report in Politico on Thursday. US Trade Representative Jamieson Greer told the publication that Trump may decide next year to withdraw from the USMCA.

The USMCA is a free trade agreement, and its main function is to allow most products that meet its primary rules of origin to be traded between the US, Canada, and Mexico largely duty-free.

The agreement this year has taken much of the bite out of Trump’s warnings toward Canada and Mexico, as only certain goods face the hefty tariffs the president has imposed or threatened on the US’s neighbors.

Politico reports:

Trump praises Nvidia CEO Jensen Huang after discussion about export controls

President Trump praised Nvidia’s (NVDA) CEO, Jensen Huang, on Wednesday and said the executive was aware of where he stood regarding export controls on Nvidia AI chips.

Trump called Huang a "smart man" when questioned about the meeting. The US president also added that he made clear to Huang his views on export controls and the types of chips that the company is allowed to give to China.

Reuters reports:

Ahead of tariff ruling, businesses race to secure refunds

Businesses across the US are lining up for tariff refunds and betting that the US Supreme Court will rule against President Trump’s tariffs, as they believe Trump will be forced to repay billions of dollars collected on imports.

From Costco (COST) to Bumble Bee Foods, several companies have hired lawyers and filed claims to the US government in the hope that they will receive a payout if Trump’s tariffs are struck down.

The Supreme Court has yet to rule, but it seems companies are waiting in the wings to see if the verdict goes against Trump’s flagship tariffs.

The New York Times reports:

Bessent: China is on track to meet "every part" of trade deal

US Treasury Secretary Scott Bessent said on Wednesday that China is on track to meet "every part" of the trade agreement reached last month between Washington and Beijing.

Reuters reports:

Swiss may need to get used to US tariffs: Swiss official

Switzerland may need to get used to US tariffs despite securing a deal last month with President Trump, according to a top Swiss trade negotiator.

Reuters reports:

Global goods trade slows as tariff frontrunning ends: WTO

Data from the World Trade Organization (WTO) indicate that the global goods trade slowed in the last quarter. The data found that the boost seen earlier this year from front-loading of orders ahead of US tariffs faded.

Bloomberg News reports:

Following Trump’s acknowledgment that Americans are paying "something for tariffs," Democrats estimate that on average, US households have paid nearly $1,200 in additional costs as a result of the duties.

Indonesia said that it hopes to conclude its trade agreement with the US by the end of 2025. This week, reports emerged that the trade deal between Washington and Jakarta was at risk of collapse due to Indonesia’s failure to implement its side of the agreement.

Trump gave the green light on Monday for Nvidia (NVDA) to sell some of its more powerful H200 chips to China. The US president said that China’s Xi Jinping had responded "positively" to the move.

How China racked up a $1T trade surplus

From $2k dividend checks to tax cuts: What Trump has said his tariffs will pay for

Americans are paying ‘something’ for tariffs, Trump says. Democrats say it’s around $1,200.

Indonesia targets concluding tariff deal with US by year end

Emerging markets are shrugging off Donald Trump’s tariffs

Trump’s tariffs intensify strain on US farmers, Deere warns

Trump, Modi speak as US-India trade talks inch forward

US trade deficit narrows in September to hit smallest margin in more than 5 years

Notably, the US’ trade deficit with China — a longtime preoccupation of the Trump administration and President Trump personally — shrank to $11.4 billion from a previous $15.4 billion, a change of roughly 25%.

US can replicate revenues if Supreme Court rules against IEEPA tariffs: Greer

Thu, December 11, 2025 at 10:40 AM UTC

Thu, December 11, 2025 at 12:58 AM UTC

Powell says tariffs have caused inflation ‘overshoot’

Wed, December 10, 2025 at 12:19 PM UTC

US farmers say Trump’s $12 billion aid package won’t cover losses

Wed, December 10, 2025 at 10:08 AM UTC

US-Indonesia trade deal at risk of collapse

Tue, December 9, 2025 at 7:31 PM UTC

Trump suggests he may cut ‘some’ additional tariffs amid affordability push

See the full interview here.

Trump’s tariffs are not reducing the trade deficit

Chinese premier cites damage from US tariffs, as China’s surplus surpasses $1T

Trump approves Nvidia H200 chips for sale to China

Tue, December 9, 2025 at 9:13 AM UTC

Trump threatens Mexico with 5% tariff increase over water dispute

US, India seek to reset ties as trade deal remains elusive

Lawmakers in Mexico consider hiking tariffs on goods from China and other Asian countries

Trump unveils $12 billion aid package for farmers struggling with tariff impacts

To help farmers, Trump wants to loosen environmental constraints on tractor manufacturing

Companies prepare — as best they can — for possible tariff refunds

UK trade minister to visit US this week for talks on tariffs

Japan revises economic data to show bigger contraction in July-September period

Mon, December 8, 2025 at 12:05 PM UTC

China’s trade surplus tops $1T for first time

China’s November exports expected to have rebounded off US tariff truce

Fri, December 5, 2025 at 9:13 AM UTC

China hints it might be easing export limits on rare earths

Trump considering USMCA exit

Trump praises Nvidia CEO Jensen Huang after discussion about export controls

Ahead of tariff ruling, businesses race to secure refunds

Bessent: China is on track to meet "every part" of trade deal

Swiss may need to get used to US tariffs: Swiss official

Global goods trade slows as tariff frontrunning ends: WTO

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