President Trump floated using revenue the US has accrued from his tariffs to offer bailouts to farmers struggling with the early effects of the duties.

Trump said farmers are, "for a little while, going to be hurt until the tariffs kick into their benefit."

"So we're going to make sure that our farmers are in great shape, because we’re taking in a lot of money," he said.

It's unclear what mechanism the administration would use to provide relief to farmers, and it could run into issues with a looming Supreme Court review of the tariffs. An unfavorable ruling to the administration, which would follow lower court decisions, could force the administration to refund billions of dollars of that revenue.

Meanwhile, Trump administration has launched an investigation into imports of robotics, industrial machinery and medical devices in a bid to introduce fresh new tariffs.

The Department of Commerce is conducting the probes under Section 232 of the Trade Expansion Act, according to the Federal Register. The inquiries started on Sept. 2 will allow President Trump to tariff goods deemed critical to national security.

Elsewhere, US Treasury Secretary Scott Bessent on Wednesday touted US "levers" that he said could give the Trump administration an upper hand toward striking a broad trade deal with China, a key focus of the administration this fall.

The US and China are in the final stages of negotiations for a "huge" Boeing (BA) aircraft deal that could end up as a "centerpiece" of a broader trade agreement between the nations.

"We're not without levers on our side. We have plenty of products that they depend on us for," Bessent said on Fox Business. He noted aircraft engines and parts, along with certain chemicals and plastics and silicon ingredients.

The US and China have made progress toward various contours of a broader deal following a call between Trump and China's President Xi Jinping. Trump said after that call that the countries had reached an agreement to spin off the TikTok app in the US, with the White House later naming Oracle (ORCL) as part of the consortium of investors.

Trump said the two leaders plan to conduct a series of meetings in the coming months, as Yahoo Finance's Ben Werschkul reported.

Read more: What Trump's tariffs mean for the economy and your wallet

Here are the latest updates as the policy reverberates around the world.

President Trump on Thursday floated using some of the tariff revenue the US has taken in so far to provide cash bailouts to farmers struggling with the early effects of the duties.

\\"We're going to take some of that tariff money and give it to our farmers,\\" Trump said.

He admitted that farmers are, \\"for a little while, going to be hurt until the tariffs kick into their benefit.\\"

The administration has for weeks said it is looking into the potential relief for farmers, though it's unclear how they would attempt to provide it. The Trump administration provided billions in farmer aid during the trade wars of his first term, mostly due to the effects of retaliatory tariffs from China.

Trump: \\"We're gonna take some of that tariff money that we've made, we're gonna give it to our farmers who for a little while are going to be hurt until the tariffs kick in to their benefit.\\" pic.twitter.com/F3djjloDHB

— Aaron Rupar (@atrupar) September 25, 2025

Reuters reports

White House economic adviser Kevin Hassett on Thursday said the U.S. has made enormous progress on trade talks with China in the last few months but considerable work remains.

U.S. President Donald Trump and Chinese President Xi Jinping are discussing a range of things including Chinese purchases of Russia's oil exports, Hassett said in an interview with Fox Business Network. Washington has highlighted China and India as contributors to the Russia-Ukraine war due to their purchases of oil from Moscow.

U.S. Trade Representative Jamieson Greer and Treasury Secretary Scott Bessent are talking to their counterparts practically every day. \\"I feel like compared to a few months ago, we've made an enormous amount of progress,\\" Hassett said.

Read more here.

Trade Representative Maros Sefcovic said on Thursday that European automakers are set to save up to $700 million a month now that the EU-US trade deal is in place.

AP reports:

Trade Commissioner Maros Sefcovic said that the deal establishing a 15% tariff on most EU goods took effect with publication in the U.S. Federal Register instructing customs officials what to charge. That would reduce the tariff from a painfully high 27.5% rate set earlier by Trump.

The reduction eases a major burden on EU automakers and is a chief selling point for the deal as presented by European Commission President Ursula von der Leyen.

The deal is retroactive to Aug. 1 so “what we expect now is that the tariffs will be returned to the automakers as of the first of August, which is something like 500, 600 million euros per month,” Sefcovic said ahead of a meeting with Southeast Asian trade ministers in Kuala Lumpur, Malaysia.

The 15% tariff is still much higher than tariffs from before Trump took office, which averaged in the single digits, and the trade deal has been criticized by business associations and some members of the European Parliament.

Read more here.

When asked if China will start purchasing US soybeans again, a Chinese commerce ministry spokesperson said the US must remove \\"unreasonable tariffs\\" first.

Reuters reports:

China, the world's biggest buyer of soybeans, has yet to book any U.S. soybean cargoes from its autumn harvest, traders have said, opting for South American supply instead.

U.S. farmers stand to miss out on billions of dollars of soybean sales because of unresolved trade tensions that have halted exports to China.

Senior Chinese trade negotiator Li Chenggang on Monday met political and business leaders from the U.S. Midwest, where the bulk of American soybeans are harvested, signalling that the world's second-largest economy could purchase some American soybeans ahead of more wide-ranging trade talks.

However, disagreement on technical details appears to be complicating negotiations, with Chinese and U.S. trade officials set to meet again at the U.S. Treasury on Thursday.

\\"Regarding the trade of soybeans, the United States should take positive action to cancel the relevant unreasonable tariffs to create conditions for expanding bilateral trade,\\" commerce ministry spokesperson He Yadong told a news conference.

Read more here.

Reuters reports:

Philips (PHIA.AS, PHG) is actively engaged with policymakers in Washington about investigations into U.S. imports of medical technology items but does not expect an immediate impact from the probes, it said on Thursday.

The U.S. Department of Commerce said on Wednesday it had opened new national security investigations into the import of personal protective equipment, medical items, robotics and industrial machinery.

The so-called Section 232 investigations, which were opened on September 2 but not publicly disclosed previously, could be used as a basis for higher import tariffs on a wide swath of medical and industrial goods.

That could mean increased levies on imported face masks, syringes and infusion pumps as well as robotics and industrial machinery like programmable computer-controlled mechanical systems and industrial stamping and pressing machines.

\\"At this stage, details are limited, and a range of potential outcomes remain under discussion,\\" Philips told Reuters in an emailed statement.

Read more here.

China has urged its companies doing business in the US to not engage in a price war, a sign that Beijing is keen to maintain the fragile trade truce it has with Washington.

Bloomberg News reports:

Commerce Minister Wang Wentao made the comments in a meeting in New York on Tuesday with representatives from 10 Chinese firms in industries such as e-commerce, telecommunications and auto parts, the ministry said in a statement.

Wang said China and the US “have reached a series of important consensus results after several rounds of economic and trade consultations” and it was hoped that businesses understood the situation and “respond positively.” He also called on them to “oppose internal and external involution,” referring to intense competition sparked by excess capacity that forces people to overwork despite diminishing returns.

In July, China’s top leadership emphasized its determination to rein in the phenomenon. The decision-making Politburo vowed to ramp up its management of overcapacity in key industries, and pledged that local government practices in attracting investment would also be regulated.

Read more here.

The Trump administration is planning to launch an investigation into imports of robotics, industrial machinery and medical devices, a sign it could introduce new duties as President Trump looks to expand his tariff plans.

Bloomberg News reports:

The Department of Commerce is conducting the probes under Section 232 of the Trade Expansion Act, according to Federal Register notices. The inquiries started on Sept. 2. Under the law, which allows the president to tariff goods deemed critical to national security, the department has 270 days to deliver its policy recommendations.

The newly announced probes expand the potential sectors that could be exposed to tariffs, as Trump looks to encourage domestic manufacturing in key industries by hiking the cost of imports.

Investigations into imports of pharmaceuticals, semiconductors, aircraft, critical minerals, medium- and heavy-duty trucks, and other products are currently ongoing. The Trump administration has already used the law to impose levies on automobiles, copper, steel and aluminum.

Any levies resulting from the industry-specific probes would come in addition to Trump’s country-based tariffs, though some major economies such as the European Union and Japan have struck agreements to prevent the charges from stacking on top of one another.

Read more here.

The EU and the G7 are considering imposing a minimum price to promote rare earth production, as well as taxes on some Chinese exports with the aim of encouraging investment, according to Reuters.

Reuters reports:

Rare earths are difficult-to-extract metallic elements critical to the manufacture of products including cell phones, cars and high-tech weapons.

China, the world's leading producer of rare earths, surprised buyers in April when it introduced export controls on the materials and on related magnets, in retaliation for tariffs imposed by the United States.

After European automakers faced shutdowns, China agreed to fast-track licenses for European companies in May and \\"upgraded\\" its export mechanism to the EU in July. However, two months later European companies say rising license bottlenecks risk new losses and shutdowns.

Read more here.

South Korean President Lee Jae Myung told US Treasury Secretary Scott Bessent that implementing elements of the country's trade deal with the US needs to meet the interests of both countries.

Reuters reports:

Lee spoke to Bessent at the United Nations on the sidelines of the General Assembly on Wednesday, his chief secretary for policy, Kim Yong-beom, told a briefing in New York.

The meeting focused on the $350 billion package of investment from South Korea agreed in principle between Lee and U.S. President Donald Trump at a summit in July as part of a deal to lower tariffs against South Korean goods, Kim said.

\\"With regard to the investment package with the U.S., (Lee) expressed hope that the discussions would progress based on commercial rationality and in a direction that serves the interests of both countries,\\" Kim said.

Read more here.

Reuters reports:

President Donald Trump's administration said on Wednesday it was formally implementing the U.S. trade agreement with the European Union, confirming that a 15% duty rate for EU autos and auto parts began on August 1 and listing tariff exemptions for generic pharmaceuticals, aircraft and aircraft parts.

In a Federal Register notice, the Commerce Department and the U.S. Trade Representative's office said they have amended the tariff schedule to implement the framework agreement reached with the EU in July that lowers the Republican president's tariffs to 15% on most imports from the EU, including autos.

The deal was subsequently modified to make the duty rate retroactive to August 1, but European automakers have been waiting for weeks for the formal U.S. notice.

Read more here.

Reuters reports:

U.S. aircraft engines and parts, along with certain chemicals, could give the United States leverage in its talks with China, U.S. Treasury Secretary Scott Bessent said on Wednesday.

Bessent told Fox Business Network's \\"Mornings with Maria\\" program that rare earth minerals from China were flowing, but the U.S. was working to shore up supplies of certain strategic goods and products.

\\"We're not without levers on our side. We have plenty of products that they depend on us for,\\" Bessent said, listing aircraft engines and parts, along with certain chemicals and plastics, as well as the ingredients for silicon.

Read more here.

The EU's trade chief is looking to revive talks with the US on steel and aluminum tariffs. Maros Sefcovic said in an interview with Bloomberg on Wednesday that he will meet with US Trade Representative Jamison Greer this week to see if metals tariffs can be eliminated or significantly reduced.

Bloomberg News reports:

“The most logical step would be to proceed with a tariff-rate quota, with low or no tariffs,” Sefcovic said. “It would be premature to elaborate further because we so far haven’t received the response to this proposal, but we know that it’s very important for our industry and therefore we are permanently putting it on the table.”

Sefcovic and Greer will meet on the sidelines of the ASEAN ministerial summit in Kuala Lumpur, where the EU commissioner plans to raise the issue.

Read more here.

Reuters reports:

Vietnam's prime minister said Hanoi was pursuing new trade deals this year to mitigate the impact of tariffs imposed on its goods by the United States, its largest market.

The statement came days after estimates by the United Nations Development Programme showed U.S. duties risked slashing by up to one-fifth of Vietnam's exports to the United States, making it the hardest-hit country in Southeast Asia.

Exports \\"will face difficulties and challenges ... due to strategic competition, conflicts and the U.S.'s 'reciprocal' tariff policies,\\" Prime Minister Pham Minh Chinh said in a statement posted on the government's website on Wednesday.

He expected exports to grow more than 12% this year. Vietnam's exports in the year to September 15 rose 15.8% from a year earlier to $325.3 billion, according to government data.

Read more here.

India has said it wants to increase its purchase of oil and gas from the US, according to Commerce Minister Piyush Goyal.

The move may help to lower tariffs on New Delhi's exports and also aid in securing a trade deal.

This latest news comes after President Trump imposed 50% tariffs on India due to its purchase of Russian oil, which Trump said has aided the Ukraine war. It also follows Washingtons move last week, where they slapped $100,000 fees on new H-1B visa used mainly by Indian tech workers.

Bloomberg News reports:

“We expect to increase our trade with the US on energy products in the years to come,” Goyal said at an event in New York. “And being close friends, natural partners, our energy security goals will have a very high element of US involvement.”

The minister is visiting US to meet his counterparts after President Donald Trump imposed 50% tariffs on Indian exports last month, partly to penalize New Delhi for continuing to buy Russian oil. The move upended decades of US diplomacy with India and came amid favorable signs after resumption of trade talks.

Trump administration has maintained that India is helping to fund Vladimir Putin’s war in Ukraine. India has been the largest buyer of Russian seaborne crude as the discounted barrels have helped the world’s third largest oil consumer keep its import bill in check.

Stepping up oil and gas imports from the US will help reduce the trade imbalance between the two countries and bolster the trade negotiations.

Relations between New Delhi and Washington seemed to be back on track after Trump called Prime Minister Narendra Modi on his birthday. But it ran into rough weather again after Washington slapped a $100,000 fees on new H-1B visa used mainly by Indian tech workers.

Goyal said US had a crucial role to play in diversifying India’s energy security goals, and ensuring stability for the import-dependent nation.

Read more here.

US Trade Representative Jaimeson Greer said that trade deals with some Southeast Asian countries are expected within weeks as President Trump's policies prompt a wave of efforts to try and lower tariffs.

Bloomberg News reports:

“President Trump and myself are proud of the work we have done together on these deals and expect to finalize these agreements in the coming months or even weeks for some,” US Trade Representative Jamieson Greer said ahead of meetings with Association of Southeast Asian Nations economic ministers in Kuala Lumpur on Wednesday.

It’s the first high level gathering between the regional bloc and the US since the latter implemented so-called reciprocal tariffs in August.

While the region’s exporters had seen a boom in sales ahead of the tariffs, as companies front-loaded shipments and relocated some manufacturing to the region away from China, that’s set to reverse as the levies settle in.

Read more here.

Reuters reports:

Canadian Prime Minister Mark Carney said he had \\"constructive\\" trade talks with Chinese Premier Li Qiang and expected the dialogue to deepen over time, as both countries seek to navigate a way out of a tariff conflict.

Ties deteriorated after Canada imposed tariffs on imports of China-made electric vehicles, as well as Chinese steel and aluminium last year. Beijing fought back by levying hefty taxes on Canadian canola imports, but said the tariffs were preliminary, keeping the door open for further dialogue.

Both countries have made efforts to repair ties after US President Donald Trump returned to the Oval Office in January and slapped tariffs on their respective imports.

In June, the Chinese premier told Carney in a phone call that there were no deep-seated conflicts of interest between the two countries.

\\"There is some alignment of tariffs with the United States, and I will highlight particularly in the steel sector, where we've been very clear in the approach that we have taken, and we had an open discussion with the Premier and our Chinese colleagues about that and the reasons for that,\\" Carney told reporters on Tuesday, after meeting with Li on the sidelines of a U.N. assembly in New York.

Read more here.

Fed Chair Powell said Tuesday that businesses passing higher costs from tariffs on to consumers has been \\"later and less than we expected.\\"

Still, he noted that tariffs are driving up inflation \\"a bit\\" and that it's something the central bank is watching closely as it balances inflation risks with risks to employment.

Much of the attention in discussions about the effects of tariffs has been focused on the rising cost of goods. However, Powell pointed out that US trade and economic policies may be affecting hiring decisions as well.

\\"Job creation has dropped very sharply. So why is that?\\" Powell said. \\"I think part of it just is there's a lot of uncertainty about the direction of public policy, and so companies are holding off. They're not hiring. And when you don't hire through attrition, your labor force shrinks, and you save money that way.\\"

\\"That may be a way of passing on tariff costs,\\" Powell said.

The OECD warned on Tuesday that despite global growth holding up better than expected, the full extent of President Trump's tariffs has yet to be seen.

Reuters reports:

\\"The full effects of these tariffs will become clearer as firms run down the inventories that were built up in response to tariff announcements and as the higher tariff rates continue to be implemented,\\" OECD head Mathias Cormann told a news conference.

In its latest Economic Outlook Interim Report, the Organisation for Economic Cooperation and Development said the full impact of U.S. tariff hikes was still unfolding, with firms so far absorbing much of the shock through narrower margins and inventory buffers.

Many firms stockpiled goods ahead of the Trump administration's tariff hikes, which lifted the effective U.S. rate on merchandise imports to an estimated 19.5% by end-August — the highest since 1933, in the depths of the Great Depression.

Read more here.

Reuters reports:

South Korean President Lee Jae Myung said negotiations with the U.S. on tariffs have stirred concerns in the foreign exchange market but he was confident the two sides will reach a solution, a statement from Lee's office said on Tuesday.

Lee made the comments during a meeting with some members of the U.S. Congress in New York on Monday while attending the United Nations General Assembly meeting this week, the statement said.

\\"President Lee said there is concern that instability can arise in South Korea's foreign exchange market during the course of tariff negotiations with the U.S. but the two sides will be able to find a solution that ensures commercial rationality,\\" it said.

Read more here.

An order of 500 Boeing (BA) aircraft for China, years in the making, is currently in the final stages of negotiations. Some have said it could be the centerpiece of a trade agreement between the US and China.

US Ambassador to China David Perdue said an order could be just days away. He didn't offer specifics but said, \\"This is a huge order.\\"

Bloomberg News reports:

\\"It’s very important to the president. Very important for Boeing. I think it’s very important to China,” Perdue said Tuesday.

Boeing has been working toward finalizing a deal with China to sell as many as 500 aircraft, in a transaction that would end a sales drought that stretches back to US President Donald Trump’s last visit in 2017, Bloomberg News reported last month. The landmark order, which has been years in the making, would be the centerpiece of a trade agreement between the two nations but has been contingent on an easing in tensions.

Read more here.