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
-
US Trade Representative Jamieson Greer told Politico that Trump is considering exiting the United States-Mexico-Canada Agreement (USMCA). Currently, under the USMCA, both Canada and Mexico pay little to no tariffs on products that meet the agreement’s rule of origin.
-
Trump praised Nvidia’s CEO Jensen Huang on Wednesday, saying the executive is a “smart man” and aware of the chips that his company is allowed to give to China. “He knows,” Trump said.
-
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.
-
US Treasury Secretary Scott Bessent confirmed on Wednesday that China is on track to keep “every part” of the trade agreement made with the US last month. Bessent who spoke at the New York Times summit said: “I will say that China is on track to keep every part of the deal, every part of the deal.”
-
The US announced a pharmaceuticals deal with the UK on Monday, which will lead to zero import tariffs on pharmaceutical products.
LIVE 115 updates
-
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:
