During a back and forth with reporters on Thursday in the Oval Office, President Trump recognized that US consumers are “paying something” for tariffs.
“No, I don’t agree. I think that they might be paying something. But when you take the overall impact, the Americans are gaining tremendously,” Trump said.
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.
The chip is known as the B30A and this latest guidance effectively shuts Nvidia out of China.
The US Supreme Court on Wednesday considered the legality of President Trump’s global tariffs, where 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.
“What would prohibit Congress from just abdicating all responsibility to regulate foreign commerce — for that matter, declare war — to the president?” Justice Neil Gorsuch, who was appointed to the high court by Trump, asked the US government’s lawyer.
US Treasury Secretary Scott Bessent, who was in attendance at Wednesday’s hearing, said he “came away very, very optimistic.”
If the Supreme Court do not rule in favor of Trump’s tariffs its widely expected that the Trump administration will seek out alternative methods to carry out the US’s trade agenda.
As Yahoo Finance correspondent Ben Werschkul has detailed, experts are split on the ultimate verdict the court will hand down. In any case, the outcome will offer significant ramifications for the global economy and its businesses and consumers.
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.”
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.
China announced on Wednesday that it will remove its tariffs on US farm goods, in response to the US removing fentanyl related tariffs on Beijing’s exports.
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.
LIVE20 updates
Trump acknowledges Americans are paying “something” for tariffs
President Trump has 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 several trading partners, from China to Canada, and has always said that tariffs are helping to boost the US economy, whereas economist argue they are simply a tax on the consumer.
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 the Chief Justice John Roberts, who said that tariffs were actually taxes paid by Americans.
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:
Trump plans one-year pause on port crane duties, China ship fees
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.
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.
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.
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.
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.
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.
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.
One more reaction, nodding to the dipping prediction market odds of US government victory:
Trump’s odds of winning Supreme Court case plummet on prediction markets
Prediction markets are notoriously volatile. Now that we’ve gotten that out of the way: Those markets have grown much more bearish today on the odds of President Trump prevailing in this case.
Polymarket has odds of the Supreme Court ruling in favor at 23%, down from around 40% before the oral arguments. Odds on Kalshi took a similar dive. On PredictIt, bettors saw about 80-20 odds that the court would “strike down” the tariffs.
Gorsuch leads conservative questioning of government over tariffs
Several of the Supreme Court’s conservative-leaning justices questioned a US government lawyer over President Trump’s authority to impose tariffs on trading partners, casting early doubt over their future.
Justice Neil Gorsuch, a Trump appointee, drew the most notice for his line of questioning to US Solicitor General D. John Sauer. Gorsuch posed a hypothetical in the case of a theoretical future Democratic president.
“Could the president impose a 50% tariff on gas-powered cars and auto parts to deal with the unusual and extraordinary threat from abroad of climate change?” Gorsuch asked.
Sauer responded that it was “very likely.”
Gorsuch also questioned Sauer over the president’s ultimate authority and when Congress could delegate it to the executive.
“What would prohibit Congress from just abdicating all responsibility to regulate foreign commerce — for that matter, declare war — to the president?” he asked.
Chief Justice John Roberts, along with Justices Amy Coney Barrett and Brett Kavanaugh — the latter two of whom were appointed by Trump — also at times posed skeptical questions. Kavanaugh asked why no president before Trump had invoked this authority, while Barrett questioned the across-the-board nature of the tariffs.
I am also enjoying following the SCOTUSBlog live blog, for those interested in catching up!
Toyota reports a drop in profit as Trump’s tariffs hurt Japanese automakers
Toyota (TM) stock fell 2% in premarket trading on Wednesday after reporting a drop in profit in its third quarter earnings. The Japanese automaker said President Trump’s tariffs have harmed the sector.
China ends levies on US farm goods after fentanyl duties cut
China announced on Wednesday that it will remove tariffs on US farm goods in response to the US removing fentanyl-related tariffs on Beijing’s exports.
This latest move from China is part of the broader trade pact between President Trump and China’s Xi Jinping last week, when the two sides agreed to a one-year trade truce.
Trump tariffs’ fate rides on Supreme Court justices he picked
President Trump’s tariffs now rest largely in the hands of three of the US Supreme Court Justices that he appointed. The court will consider the fate of Trump’s tariffs on Wednesday.
Neil Gorsuch, Brett Kavanaugh, and Amy Coney Barrett were all appointed by Trump and have generally backed the president in most of his emergency orders this year, allowing Trump to implement his policies on a temporary basis.
But this will be the first time the court addresses the issue of whether Trump overstepped his authority with his “Liberation Day” tariffs.
Trade deals and $90B in tariff revenue: What’s riding on the landmark Supreme Court case
The next hurdle for President Trump, following his meeting with China’s leader Xi Jinping last week, will be the Supreme Court hearing on Wednesday, which will decide the legality of Trump’s “Liberation Day” tariffs.
Trump said he doesn’t plan to attend the hearing, but emphasized how important it is for the American people. So here’s what’s riding on the landmark case.
