During a back and forth with reporters on Thursday in the Oval Office, President Trump recognized that US consumers are “paying something” for tariffs.
“I think that they might be paying something. But when you take the overall impact, the Americans are gaining tremendously,” Trump said.
It was among the first acknowledgments from Trump that US consumers are footing at least some of the bill for his tariff regime, the bulk of which faced scrutiny before the Supreme Court this week.
In a closely watched case, a majority of the justices — both the court’s three liberal-leaning justices, as well as three more conservative ones — offered skeptical questions regarding the president’s authority to impose his most sweeping duties.
The court, which has a 6-3 conservative majority, has previously backed Trump in a series of decisions this year. But justices appeared skeptical of the president’s authority, casting doubt over the centerpiece of Trump’s second-term economic agenda.
US Treasury Secretary Scott Bessent, who was in attendance at Wednesday’s hearing, still said he “came away very, very optimistic.”
If the Supreme Court does not side with Trump, it’s widely expected that the administration will seek out alternative methods to carry out the US’s trade agenda.
Trump, meanwhile, has made clear he considers the case to be of paramount importance to his legacy, even as his administration touts the other legal avenues he could use to impose the duties.
Trump on Tuesday said the case is “literally LIFE OR DEATH for our country.”
Read more: What Trump’s tariffs mean for the economy and your wallet
The US and China reached a trade truce last week. The thaw means China will suspend additional export controls on rare earth metals and end investigations into US chip companies. Meanwhile, the US will pause some of Trump’s “reciprocal tariffs” on China for another year. On Thursday, the US pushed forward on plans to pause punitive measures on China’s shipbuilding industry.
China said on Friday it has designed a new rare earth licensing regime that could help speed up shipments.
The White House has said it will not allow the sale of Nvidia’s latest scaled-down AI chip to China, according to a report in The Information. This guidance would effectively shuts Nvidia out of China.
Trump announced on Thursday that the US and Uzbekistan had reached a trade and economic deal, with Uzbekistan to purchase and invest $35 billion in the next three years and more than $100 billion over the next 10 years in some US sectors.
A spat over an ad featuring the late Ronald Reagan continues between the US and Canada. The Canadian prime minister said recently he apologized to Trump over the ad.
LIVE 28 updates
Bessent says Trump’s $2,000 ‘dividend’ may come via tax cuts
President Trump has said his sweeping tariffs will produce a hefty dollar “dividend” for regular Americans, as he mocked critics of his trade policy.
“A dividend of at least $2000 a person (not including high income people!) will be paid to everyone,” Trump said in a post to Truth Social on Sunday that began: “People that are against Tariffs are FOOLS!”
Trump pointed to the boost to US coffers from levies so far, plus the record-setting run in stocks as reasons to believe in tariffs.
Asked by ABC about the comments, Treasury Secretary Scott Bessent focused on the long-term goal of tariffs — boosting investment in the US — rather than the short-term surge of revenue generated.
Bloomberg reports:
Read more here.
US, China shelve shipping probes as tensions rase
Bloomberg reports:
The US and China suspended port fees on each other’s ships for one year and paused probes into maritime practices, in another sign of easing tensions between the world’s two largest economies.
The Trump administration paused a probe into China’s shipbuilding industry, and in turn, Beijing said it was shelving its own investigation and putting off special port fees on US vessels.
China also said that it put on hold sanctions on US units of a major South Korean shipbuilder, Hanwha Ocean Co. (042660.KS).
The stand-down in tensions over maritime issues tallies with a rapprochement in the broader confrontation between Washington and Beijing after a summit between the countries’ leaders. While shipping is not among the highest-profile issues, most global trade is carried by sea and the industry is a cornerstone of global commerce. Still, analysts cautioned that risks remained.
“As long as the suspension remains, the potential risk to upend global shipping remains,” said Jayendu Krishna, a director at Drewry Maritime Services, which advises shipping companies on business strategies.
Read more here.
Sun, November 9, 2025 at 3:18 PM UTC
Honda’s profit slips as Trump’s tariffs take a toll on Japan automakers
The AP reports
Read more here.
Sat, November 8, 2025 at 7:43 PM UTC
Treasury official warns of ‘pain and hardship’ if SCOTUS rules against Trump’s tariffs
The Trump administration is warning that if the Supreme Court were to dismantle President Trump’s tariffs, it would cause “unnecessary economic pain and hardship,” damaging financial markets and confidence.
“To the extent that the policy would be reversed or watered down, that would damage financial markets,” Counselor to the Treasury Secretary Joe Lavorgna said this week in an interview with Yahoo Finance. “You’ve seen record high equity markets, record low credit spreads. You’ve seen commitments by all different countries and companies to invest in the US.”
“It would damage confidence. The economic system — capitalism — works on confidence,” he added.
While economists acknowledge it could lead to greater uncertainty, they and others say the impact of a ruling against Trump could have other impacts — including positive ones.
Read more here.
Sat, November 8, 2025 at 7:25 PM UTC
Tariffs take a toll on New York’s Indian food
Indian food and restaurants have become a favourite among New Yorkers, especially traders and executives on Wall Street, outshining their London rivals, but they now face the pain of President Trump’s tariffs.
The duties that Trump imposed on India back in July, due to New Delhi’s purchase of Russian oil has doubled the rate on most exports from the country and Indian restaurants have taken a hit.
Bloomberg News reports:
Read more here.
Sat, November 8, 2025 at 2:06 PM UTC
How new US tariff doubts will play out among trade partners
Businesses paying higher duties due to President Trump’s tariffs, alongside trading partners that have signed trade deals and still in negotiations, will now face months of uncertainty while they wait for a verdict from the Supreme Court, whi heard arguments this week on the legality of Trump’s tariffs.
If the Supreme Court rules against Trump’s tariff agenda, how will this impact global economies?
Bloomberg News reports:
Read more here.
Fri, November 7, 2025 at 4:20 PM UTC
Swiss finance minister says tariff deal with US depends on Trump
Switzerland’s Finance Minister Karin Keller-Sutter said on Thursday that they are keen to secure a trade agreement with the US and that talks are ongoing. But the minister acknowledged that much of the final decision lies with President Trump.
Reuters reports:
Read more here.
Fri, November 7, 2025 at 10:38 AM UTC
Nvidia CEO: No ‘active discussions’ on selling Blackwell chip to China
Reuters reports:
Read more here.
Fri, November 7, 2025 at 9:53 AM UTC
US to block Nvidia’s sale of scaled-down AI chips to China, The Information reports
Reuters reports:
Read more here.
Fri, November 7, 2025 at 9:51 AM UTC
Trump acknowledges Americans are paying ‘something’ for tariffs
President Trump acknowledged Americans are paying “something” for tariffs during a back-and-forth with reporters on Thursday in the Oval Office.
The US president has imposed tariffs on many US trading partners, from China to Canada. He frequently says that those tariffs are helping to boost the US economy, whereas economists largely agree that they are simply a tax on consumers.
This week, the US Supreme Court met to hear arguments on the legality of Trump’s tariffs and whether the president overstepped his authority. During discussions on Thursday, one reporter noted the comments from Chief Justice John Roberts, who said that tariffs were actually taxes paid by Americans.
Reuters reports:
Read more here.
Fri, November 7, 2025 at 6:30 AM UTC
Supreme Court ruling against tariffs would cause ‘unnecessary pain,’ Bessent adviser says
Joseph LaVorgna, an adviser to US Treasury Secretary Scott Bessent, joined Yahoo Finance Senior Reporter Jennifer Schonberger to discuss the Trump administration’s arguments and what happens if the court knocks down the tariffs.
Watch below:
Fri, November 7, 2025 at 1:30 AM UTC
Trump plans one-year pause on port crane duties, China ship fees
Bloomberg reports:
Read more here.
Thu, November 6, 2025 at 9:30 PM UTC
Supreme Court’s skepticism on Trump tariffs leaves room for uncertainty
Signs suggest that the Supreme Court may be preparing to overturn President Trump’s most sweeping tariffs. Doing so could result in uncertainty across industries, as businesses and countries may expect refunds and will have to adjust accordingly.
Bloomberg reports:
Read more here.
Thu, November 6, 2025 at 5:21 PM UTC
A Trump Supreme Court tariff defeat would add to trade uncertainty
A growing number of trade attorneys, analysts, and politicians are preparing for President Trump’s tariffs to be struck down by the Supreme Court and any resulting uncertainty. Prevalent theories suggest that, if the tariffs are overturned, the Trump administration would use other trade policy changes to continue its efforts.
Reuters reports:
Read more here.
Thu, November 6, 2025 at 10:21 AM UTC
Bessent says he is optimistic after Supreme Court hearing on tariffs
Reuters reports:
Read more here.
Thu, November 6, 2025 at 10:05 AM UTC
Will Trump have to refund the money made from tariffs?
The US Supreme Court’s hearing on Wednesday has fueled speculation around President Trump’s tariffs and whether they will remain in place. The question around the legality of Trump’s trade agenda and whether the US president overstepped his authority in imposing them, provoked a tough integration from the Supreme Court Justices.
US Treasury Secretary Scott Bessent left the hearing on Wednesday saying he felt “very optimistic,” in reference to the outcome.
If Trump’s tariffs are struck down, will the US have to refund the money it has made so far from its global trade levies? If a refund were to be made some feel it will be a complete “mess.”
Other experts have said that a rejection of tariffs by the Supreme Court would be a “temporary setback” for the president, who will likely seek out other methods in order to push his tariff agenda.
Reuters reports:
Read more here.
Thu, November 6, 2025 at 6:00 AM UTC
Trump meets Swiss business leaders, orders more trade talks
President Trump has met with executives from Switzerland to discuss tariffs and trade. The US president suggested that more trade talks were needed as both sides attempt to rebuild the frayed relationship.
Bloomberg News reports:
Read more here.
Thu, November 6, 2025 at 2:00 AM UTC
Prospects for Big Three US carmakers improve despite tariffs
In the first few months of President Trump’s tariff regime, uncertainty and chaos defined the auto sector. US carmakers felt exposed to higher tariffs, and many believed the industry would have to pass these higher costs on to consumers. However, the prospects for the Big Three US automakers — GM (GM), Ford (F), and Stellantis (STLA) —seem to be improving.
The FT reports:
Read more here.
Wed, November 5, 2025 at 10:09 PM UTC
Are tariffs taxes on Americans? The fate of blanket tariffs appears to hinge on questions Trump has evaded for years.
The Supreme Court on Wednesday began its highly anticipated consideration of President Trump’s sweeping blanket tariffs, with the lawyer for the government making an audacious case.
Trump’s duties “are not revenue-raising tariffs,” US Solicitor General D. John Sauer argued before the court, calling the tens of billions of dollars currently being brought in each month “only incidental.”
He went further, saying Trump has based his moves this year “not on the power to tax.” What Trump is imposing, he said, “are clearly regulatory tariffs, not taxes.”
The argument was met with immediate skepticism, leading both legal experts and the markets to conclude Wednesday that these blanket tariffs — a centerpiece of President Trump’s trade program — may be in peril.
Read more here.
Wed, November 5, 2025 at 6:08 PM UTC
The takeaway: Supreme Court appears skeptical of Trump’s authority to impose his most sweeping tariffs
Oral arguments at the Supreme Court have concluded. The emerging consensus is that a majority of the high court’s justices appeared skeptical of President Trump’s authority to impose the tariffs. We’ll outline a sampling of coverage below.
From Bloomberg:
The New York Times:
The Wall Street Journal said in its headline that the “Supreme Court appears skeptical of Trump’s tariffs.”
One more reaction, nodding to the dipping prediction market odds of US government victory:
