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Trump tariffs live updates: Trump unveils $12 billion bailout for US farmers as tariffs bite
Yahoo Finance Updated
Mon, December 8, 2025 at 3:27 PM EST
2 min read
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President Trump on Monday unveiled $12 billion in aid to US farmers, as the agricultural sector deals with the fallout from his sweeping tariff policies. Trump and other top administration officials discussed the package at a roundtable event with farmers at the White House.
The sector has been hit particularly hard from the president's ever-changing trade policies, as they have struggled to sell crops and been hit by higher costs. Soybean exports have come in particular focus, with trade slowing to a crawl as China virtually halted its purchases before the countries agreed to a trade truce in October.
Trump said the money for farm relief would come from a "small portion" of tariff-related revenues.
The farm bailout comes as 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 has asked the Department of Justice and the Federal Commission to investigate the US food supply chain for possible price fixing to drive up costs of goods such as meat, especially by foreign companies.
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.
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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China's trade surplus in goods exceeded $1 trillion for the first time this year, meaning it exported more goods to other countries than it imported. Its shipments to the US, however, dropped 29% amid trade war between the two nations.
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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.
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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 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.
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Today at 9:12 AM UTC Jenny McCall
China's trade surplus tops $1T for first time
China's trade surplus in goods exceeded $1 trillion for the first time this year, indicating that it exported significantly more goods to other countries than it imported. Its US shipments, however, dropped 29% amid the trade war between the US and China.
In November, China's overall exports were 5.9% higher than in the same month in 2024, at $330.3 billion, exceeding economists' estimates. It was also an improvement from a 1.1% contraction in October. This latest data only highlights the widening gap between the country's exports and imports.
In the first 11 months of the year, China's trade surplus was $1.076T, according to data released by Beijing's customs administration. The record surplus comes in the wake of a deescalation in trade tensions between the US and China, which resulted in a one-year truce being agreed in October.
But China's export success has drawn criticism from trading partners, such as France, with President EMacron pointing to “unbearable” imbalances on a visit to the country last week.
The AP reports:
Companies prepare — as best they can — for possible tariff refunds
Companies are lining up and preparing for a tariff refund should the US Supreme Court force the Trump administration to refund billions in tariff revenue.
Some retailers, like Costco (COST) are suing the Trump administration in order to secure their future eligibility for refunds. But there is still uncertainty about whether the Supreme Court's decision will invalidate Trump's tariffs.
Yahoo Finance's Washington Correspondent Ben Werschkul looks at the latest developments within Trump's tariffs.
- Today at 6:48 PM UTC Grace O'Donnell
UK trade minister to visit US this week for talks on tariffs
Reuters reports that the UK's trade minister will visit the United States this week to follow up on trade talks after the two countries signed a deal to eliminate tariffs on UK pharmaceuticals in exchange for the UK to reform its drug pricing scheme.
From Reuters:
- Today at 1:20 PM UTC
Japan revises economic data to show bigger contraction in July-September period
Japan's economy shrank 2.3% in the July-September period, according to data from the government. This contraction was partly due to exports suffering due to the impact of President Trump's tariffs and a fall in public investments.
The AP reports:
Trump orders probe of food industries for possible price fixing
China's November exports expected to have rebounded off US tariff truce
China's exports are likely to have returned to growth in November, following a dip in October. Manufacturers rushed to move inventory to take advantage of the one-year trade truce with the US.
Reuters reports:
IKEA to ramp up US production as tariffs bite
China hints it might be easing export limits on rare earths
China signalled on Thursday that it might be open to relaxing restrictions on rare earth exports, after Beijing introduced curbs which caused turmoil for businesses globally.
"To my knowledge, the Chinese government has promptly authorized all compliant export applications for civilian purposes," said spokesman He Yadong from the Chinese Ministry of Commerce.
The one-year trade truce reached between President Trump and China's Xi Jinping last month helped suspend the October restrictions Beijing placed on rare earth materials.
DPA reports:
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:
Trump praises Nvidia CEO Jensen Huang after discussion about export controls
President Trump praised Nvidia's (NVDA) CEO, Jensen Huang, on Wednesday and said the executive was aware of where he stood regarding export controls on Nvidia AI chips.
Trump called Huang a "smart man" when questioned about the meeting. The US president also added that he made clear to Huang his views on export controls and the types of chips that the company is allowed to give to China.
Reuters reports:
Ahead of tariff ruling, businesses race to secure refunds
Businesses across the US are lining up for tariff refunds and betting that the US Supreme Court will rule against President Trump's tariffs, as they believe Trump will be forced to repay billions of dollars collected on imports.
From Costco (COST) to Bumble Bee Foods, several companies have hired lawyers and filed claims to the US government in the hope that they will receive a payout if Trump's tariffs are struck down.
The Supreme Court has yet to rule, but it seems companies are waiting in the wings to see if the verdict goes against Trump's flagship tariffs.
The New York Times reports:
Bessent: China is on track to meet "every part" of trade deal
US Treasury Secretary Scott Bessent said on Wednesday that China is on track to meet "every part" of the trade agreement reached last month between Washington and Beijing.
Reuters reports:
Swiss may need to get used to US tariffs: Swiss official
Switzerland may need to get used to US tariffs despite securing a deal last month with President Trump, according to a top Swiss trade negotiator.
Reuters reports:
Global goods trade slows as tariff frontrunning ends: WTO
Data from the World Trade Organization (WTO) indicate that the global goods trade slowed in the last quarter. The data found that the boost seen earlier this year from front-loading of orders ahead of US tariffs faded.
Bloomberg News reports:
China can still meet ambitious US soybean pledge, traders say
China is expected to increase its US soybean purchases to meet its promise to buy at least 12 million tons by the end of the year, according to multiple traders. The belief underscores a wider market hope that, at least when it comes to agriculture, the trade truce between the US and China will hold.
Bloomberg News reports:
US growth forecast upgraded for 2025: OECD
The world economy has shown itself to be resilient in the face of President Trump's tariffs, according to data released on Tuesday from the Organization for Economic Cooperation and Development.
The OECD upgraded its outlook for global and US economic growth this year and now forecasts that the world economy will grow 3.2% this year, down slightly from 3.3% in 2024 but a big improvement on the 2.9% it predicted in June.
Its economic forecast for US growth this year has risen to 2% up from its 1.6% June forecast.
The AP reports:
Cyber Monday US spending growth trails Europe amid tariffs
US Cyber Monday spending slowed in comparison to Europe, according to data released by Salesforce (CRM). This is seen as a new phenomenon and reflects the impact of President Trump's trade war on consumer spending.
While global online spending, primarily from Europe, increased 5.3% as of 12 p.m. ET compared to the same period a year ago, US spending rose by only 2.6%. Salesforce, which tracks the transactions of 1.5 billion consumers, said global Black Friday sales grew twice as fast as those in the US.
Trump has said that he plans to take action to help US consumers feeling the pinch due to tariffs, such as cutting income tax due to the revenue from tariffs, alongside providing Americans with a $2,000 tariff "dividend" check.
Bloomberg News reports:
US Commerce chief confirms South Korea's 15% tariff rate retroactive to November 1
US Commerce Secretary Howard Lutnick has confirmed that the tariff rate on imports from South Korea, which include autos, will drop to 15% retroactive to Nov. 1.
The announcement from Lutnick came on Monday, following South Korea's implementation of the country's US investment commitments.
US announces zero tariff pharmaceutical deal with Britain
The US announced a major deal on Monday to secure zero tariffs on British pharmaceutical imports and medical device technology in return for Britain spending more on medicines and overhauling how it values drugs.
Under the new deal, the UK will raise the net price it pays for new US medicines by 25%. In return, UK-made drugs and medical devices will be exempt from Section 232 sectoral tariffs and any future Section 301 country tariffs.
Reuters reports:
UK CHANGES SYSTEM FOR ASSESSING IF DRUGS ARE COST-EFFECTIVE
US manufacturing stuck in doldrums as tariff headwinds persist
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