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Trump tariffs live updates: US holds off on Chinese chip tariffs until mid-2027; Hassett says $2K rebate checks 'likely'
Yahoo Finance Updated
Wed, December 24, 2025 at 7:34 AM EST
2 min read
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National Economic Council Director Kevin Hassett said Sunday that the Trump administration expects the US Supreme Court to rule in its favor in a case that challenges the legality of President Trump's tariffs.
The court's decision could not only invalidate most of the tariffs but possibly force the government to issue refunds of up to $100 billion, which Hassett told Face the Nation would create major administrative problems.
Hassett also said he thinks the $2,000 tariff rebate checks President Trump has floated seem much more likely to happen. "In the summer, I wasn’t so sure that there was space for a check like that, but now I’m pretty sure that there is," he said, adding he expects the president to bring a formal proposal to Congress in the new year.
Meanwhile, Trump announced a $1,776 "warrior dividend" payment to nearly 1.5 million US service members in an address last week.
Trump did not say how the program would be enacted or funded. But even before the "warrior dividend," Trump had 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.
In addition to the $2,000 tariff dividend checks, the promises included paying for the tax cuts that Republicans instituted over the summer.
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.
Read more: What Trump's tariffs mean for the economy and your wallet
What else to know about Trump's tariffs:
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The US government announced on Tuesday that it plans to put tariffs on China's semiconductor industry, placing new duties on chips from Beijing from June 2027, though that delay is considered a signal that the Trump administration is looking to continue rebuilding ties with Beijing amid a broader trade truce.
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US companies looking to increase cash flow are hedging their bets on the Supreme Court case against President Trump's tariffs by selling their rights to collect government refunds of taxes to outside investors.
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Several US companies, such as Costco (COST), have filed lawsuits and claims to the US government for tariff refunds in the belief that 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.
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The office of Canadian Prime Minister Mark Carney said that Canada and the US will launch formal discussions to review their free trade agreement in mid-January. But discussions on key sectors were unlikely, with Carney saying the issue would be covered in a planned review of the United States-Canada-Mexico (USMCA) trade pact next year.
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182 updates
- Featured Sun, December 21, 2025 at 5:22 PM UTC
Hassett 'pretty sure' $2K tariff rebate checks will be possible
National Economic Council Director Kevin Hassett said Sunday that the Trump administration expects the US Supreme Court to rule in its favor in a case that challenges the legality of President Trump's tariffs, Bloomberg reports. If the court finds the tariffs are illegal, it could trigger refunds that would create an "administrative problem," Hassett added during an interview on "Face the Nation."
Tue, December 23, 2025 at 2:46 PM UTC Jenny McCall
US plans to impose tariffs on Chinese chips in mid-2027
The US government announced on Tuesday that it plans to put tariffs on China's semiconductor industry, placing new duties on chips from Beijing from June 23, 2027.
Chips from China are not currently subject to tariffs by the US government. This latest news from the Trump administration comes amid the one-year trade truce agreed to by President Trump and China's leader Xi Jinping back in October.
Reuters reports:
Copper hits $12,000 for first time as tariff trade upends market
Companies collecting pennies on the dollar in market to recoup some tariff costs
US companies are keeping their options open when it comes to the Supreme Court case against President Trump's tariffs and are selling their rights to collect potential government refunds of the taxes to outside investors.
The US Supreme Court is due to soon rule on whether Trump's tariffs are, in fact, legal. This month, companies like Costco (COST) and others filed or said they would file lawsuits with the US government in the hope that Trump tariffs would be struck down. Now it seems companies that have suffered financially this year due to tariffs are keen to increase cash flow, and this may be one method to do just that.
Reuters reports:
Trump's tariffs and cost of living pressures create glut of 'undrunk' Scotch
President Trump's tariffs and consumers leading healthier lifestyles have led to an oversupply of the once-loved Scotch whiskey, increasing the risk of job cuts and distillery closures across Scotland.
The FT reports:
What Trump promised with his 'Liberation Day' tariffs — and what he delivered
When President Trump announced his "Liberation Day" tariffs on April 2, the US president made quite a few promises. From increasing jobs for the American people to economic revival, America will be "wealthy again," Trump pledged. But how many of these promises has he delivered on?
The American consumer has complained of higher prices since tariffs were introduced, and Trump announced a $12 billion farmer bailout plan due to the sector being hit hard by falling crop prices and his trade policies.
Yahoo Finance's eBen Werschkul delves into Trump's tariff promises and whether he has fulfilled them during his first year back in office.
Jim Beam pauses production at main distillery as bourbon inventories rise
Trump shook up global trade this year; some uncertainty may persist in 2026
One of the highlights of President Trump's second term in office has been his tariff push, which kicked off in 2025 and shook up global trade. With a series of tariffs imposed on trading partners that lifted import taxes to their highest level since the Great Depression, it sent a frenzy through financial markets and sparked a trade war with China.
Now, after months of negotiations and a Supreme Court decision pending, Trump's trade policies will undoubtedly remain the focus for 2026.
Reuters reports:
German auto exports hit hard by Trump tariffs
- Sun, December 21, 2025 at 9:43 PM UTC Bloomberg
EU struggles to move out of US and China trade orbit
The European Union is struggling to reach agreement on a trade accord with South American countries, missing its self-imposed Dec. 20 deadline to finalize the Mercosur pact, Bloomberg reports.
US coffee drinkers face higher prices even after Trump's tariff reset
- Fri, December 19, 2025 at 2:41 PM UTC
Nike shares slump as tariffs and China struggles continue
Bloomberg News reports:
TikTok says it signed agreements for new US joint venture
US launches review of advanced Nvidia AI chip sales to China
Canada and the US to launch formal talks to review their free trade agreement in mid-January
The office of Canadian Prime Minister Mark Carney confirmed on Thursday that the US and Canada will start formal discussions to review their free trade agreement in mid-January.
Carney confirmed to his provincial leaders that Dominic LeBlanc, the country's point person for US-Canada trade relations, "will meet with US counterparts in mid-January" to launch talks.
President Trump imposed 25% tariffs on Canadian goods in February 2025, shortly after his inauguration, due to his concerns over illegal migration and fentanyl smuggling.
Canada retaliated in March with a 25% surtax on $30 billion worth of US goods. In July/August, annoyed with the lack of cooperation, Trump increased the rate to 35%. Fast-forward to October: The Ontario provincial government, led by Premier Doug Ford, launched a $75 million ad campaign in the US titled "Stronger Together," featuring the late former US President Ronald Reagan, who spoke out against tariffs.
However, the bite of Trump's tariffs on Canada has been questioned due to the United States-Mexico-Canada Agreement (USMCA), which allows most goods to trade freely between the countries. That agreement is up for review next year.
The AP reports:
Toyota aims to begin selling 3 US-made models in Japan from 2026
- Thu, December 18, 2025 at 1:28 PM UTC Grace O'Donnell
Trump's new 'warrior dividend' is at least the 10th thing he's said tariffs could pay for
On Wednesday night, President Trump pitched a new use for tariff money: sending "warrior dividend" checks of $1,776 to 1.45 million military service members.
"The checks are already on the way," Trump said Wednesday, adding that the approximately $2.5 billion price tag was made possible in large part because "we made a lot more money than anybody thought because of tariffs."
As Yahoo Finance's Ben Werschkul writes, it was just the latest use of tariff money, which is coming in at a much lower rate than Trump likes to suggest. Ben reports:
India accelerates free trade agreements to counter US tariffs and expand exports
Trump announces military 'warrior dividend' amid inflation woes
President Trump has announced what he called a "warrior dividend" for 1.45 million US service members. During an address to the nation on Wednesday, the US president said the country has made "a lot of money" from tariffs, and the checks are already on their way.
"In honor of our nation’s founding in 1776, we are sending every soldier $1,776," Trump said.
"We made a lot more money than anybody thought because of tariffs, and the bill helped us along. Nobody deserves it more than our military, and I say congratulations to everybody," he added.
Trump has been attempting to reassure the American people, who have been concerned recently due to the rising cost of living. Democrats have expressed voter fears, highlighting sluggish wage growth and high prices, blaming Trump's tariffs as the main reason.
Bloomberg News reports:
This holiday season isn't very merry for consumers: AP-NORC poll
This holiday season has not been very merry for some American shoppers, as many have found they need to dip into their savings to make Christmas gift purchases. Others are scrambling for bargains and feel that the overall economy is stuck, according to poll results from the AP-NORC.
The AP reports:
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