The US Supreme Court is poised in the weeks ahead to decide the legality of the majority of President Trump’s tariffs. 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.
As he has publicly braced for the high court’s decision, Trump has 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. 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 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 also in recent days floated the possibility of reducing — or completely eliminating — personal income tax.
Read more: What Trump’s tariffs mean for the economy and your wallet
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US Cyber Monday spending slowed in comparison to Europe, according to data released by Salesforce Inc. (CRM). This is seen as a new phenomenon and reflects the impact of President Trump’s trade war on consumer spending.
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The US announced a major pharmaceuticals deal with the UK on Monday, which will lead to zero import tariffs on pharmaceutical products. The news, first reported in The Times on Monday, follows the agreement made by the two sides back in April, where a 10% US tariff was placed on most UK imports.
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US Commerce Secretary Howard Lutnick has announced that the general tariff rate on imports from South Korea , which includes autos, will drop to 15% retroactive to November 1 because South Korea has started to implement the its US investment commitments.
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The Trump administration is negotiating a deal that would commit Taiwan to new investment and training of US workers in semiconductor manufacturing and other advanced industries. Taiwan is pushing for tariffs on its goods to be cut to 15%.
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Trump said Chinese leader Xi Jinping “pretty much” agreed to increase the speed and size of the country’s agricultural purchases. Trump and Xi held their first call last week since the US and China struck a trade and tariff truce.
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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, but it rejected a demand to ease tech rules.
LIVE 106 updates
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Trump says he may cut income tax ‘completely’ because of tariff income
President Trump said on Thursday that his administration may be in a position over the next two years to slash income tax due to the revenue generated from tariffs.
The US president made the statement on a Thanksgiving video call to US military service members.
This latest move from Trump follows the idea floated in recent weeks of a tariff “dividend” for Americans in the form of a $2,000 check. It also comes on the heels of electoral wins for Democrats across several key state and local races, where candidates stressed affordability concerns.
Trump himself has said previously that the American people are “paying something” for tariffs.
Reuters reports:
