President Trump said on Tuesday that "at some point" he would reduce the tariff rate on Indian goods, and that the US was getting "close" to a trade deal with New Delhi.

“Right now they don’t love me, but they’ll love us again,” Trump said. “We’re getting a fair deal," Trump said. “Pretty close to doing a deal that’s good for everybody.”

Trump has said most Americans can expect to get a "dividend" from tariffs of $2,000 or more, as the levies generate a surge in revenue.

That payoff could come in the form of the tax cuts laid out in the economic policy bill passed earlier in 2025, Treasury Secretary Scott Bessent suggested.

On Sunday, Trump took to social media to say: "A dividend of at least $2,000 a person (not including high income people!) will be paid to everyone," in a post that began: "People that are against Tariffs are FOOLS!"

Speaking to ABC later, Bessent stressed that he hadn’t spoken to the president but speculated that the $2,000 dividend "could be just the tax decreases that we are seeing on the president’s agenda."

The comments follow Trump's back-and-forth with reporters on Thursday in the Oval Office, where he acknowledged that US consumers are "paying something" for tariffs.

"I think that they might be paying something. But when you take the overall impact, the Americans are gaining tremendously," Trump said.

It was among the first acknowledgments from Trump that US consumers are footing at least some of the bill for his tariff regime, the bulk of which is facing a looming verdict from the Supreme Court.

In a closely watched case, 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. If the Supreme Court does not side with Trump, it's widely expected that the administration will seek out alternative methods to carry out the US's trade agenda.

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

The US and China reached a trade truce. 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 is planning to ease the flow of rare earths and other restricted materials in a bid to exclude companies which have connections to the US military, according to a report in the Wall Street Journal.

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. This guidance would effectively shut Nvidia out of China.

Its not just India nearing a trade deal, Switzerland is also close to securing a 15% tariff on its exports to the US. According to people familiar with the matter, a deal may be concluded within the next two weeks.

A spat over an ad featuring the late Ronald Reagan continues between the US and Canada. The Canadian prime minister said recently that he apologized to Trump over the ad.

President Trump has said his sweeping tariffs will produce a hefty dollar \\"dividend\\" for Americans, as he mocked critics of his trade policy.

\\"A dividend of at least $2000 a person (not including high income people!) will be paid to everyone,\\" Trump said in a post to Truth Social on Sunday that began: \\"People that are against Tariffs are FOOLS!\\"

Trump pointed to the boost to US coffers from levies so far, plus the record-setting run in stocks, as reasons to believe in tariffs.

Asked by ABC about the comments, Treasury Secretary Scott Bessent focused on the long-term goal of tariffs — boosting investment in the US — rather than the short-term surge of revenue generated.

Bloomberg reports:

Bessent said he hadn’t spoken to the president about this idea but “the $2,000 dividend could come in lots of forms, in lots of ways. It could be just the tax decreases that we are seeing on the president’s agenda — no tax on tips, no tax on overtime, no tax on Social Security – deductibility on auto loans.” ...

One question surrounding the administration’s defense of tariffs is whether revenue raised from tariffs are de facto taxes, which Chief Justice John Roberts said have “always been the core power of Congress.”

Trump cited revenue flows in his Truth Social post on Sunday, saying the US is “taking in Trillions of Dollars and will soon begin paying down our ENORMOUS DEBT, $37 Trillion.”

Asked about the president’s comment, Bessent expanded the argument.

“Over the course of the next few years we could take in trillions of dollars,” he told ABC. “But the real goal of tariffs is to rebalance trade and make it more fair.”

Read more here.

China is planning to ease the flow of rare earths and other restricted materials in a bid to exclude companies which have connections to the US military, according to a report in the Wall Street Journal.

The Wall Street Journal reports:

The “validated end-user” system, or VEU, would enable Chinese leader Xi Jinping to follow through on a pledge to President Trump to facilitate the export of such materials while ensuring that they don’t end up with U.S. military suppliers, a core concern for China, according to the people familiar with the plan.

If strictly implemented, the system could make importing certain Chinese materials more difficult for automotive and aerospace companies that have both civilian and defense clients. Beijing’s plan could still change and its licensing system wouldn’t be certain until it is implemented, the people said.

Read more here.

Bloomberg News reports:

Switzerland is close to securing a 15% tariff on its exports to the US, in what would be a relief for the country after it was hit with a punishing 39% levy in August, according to people familiar with the matter.

A deal may be concluded within the next two weeks, said the people, who declined to be identified discussing ongoing negotiations. They also warned that nothing is finalized and the talks could still come undone, as happened during discussions between US and Swiss trade negotiators in late July.

US President Donald Trump later confirmed his administration was “working on a deal to get their tariffs a little bit lower.”

“I haven’t said any number,” he added when asked about a 15% rate. “But we’re going to be working on something to help Switzerland along. We hit Switzerland very hard. We want Switzerland to remain successful.”

A spokesperson for the Swiss government declined to comment.

The Swiss Market Index rose 0.7% as of 9:15 a.m. Zurich time, led by luxury goods firm Richemont and fragrance maker Givaudan SA. The Swiss franc strengthened against the dollar and the euro.

Read more here.

Pasta made in Italy may soon be unavailable in the US, as duties imposed by the Trump administration make the cost of doing business prohibitive for the pasta manufacturers, The Wall Street Journal reports.

Earlier this year, the Commerce Department slapped a 92% anti-dumping duty on the 13 Italian companies that import most of the country's pasta to the US. The administration claims the companies were selling pasta at unfairly low prices, known as dumping, between July 2023 and June 2024.

The anti-dumping penalty is on top of President Donald Trump's 15% tariff on goods imported from European Union countries, for a total levy of 107% on Italian pasta. Rome has vowed to fight the tariffs, and the WSJ notes that the one-two tariff punch on Italian pasta is one of the steepest on any single product.

Some pasta makers suspect the duties are about more than cheap spaghetti. “This isn’t about dumping—it’s an excuse to block imports,” said Cosimo Rummo, CEO of Rummo Pasta, one of the affected companies.

Decisions on antidumping duties are typically made based on technical criteria. But in President Trump’s new protectionist era, some Italian pasta executives—as well as government officials in Rome—say the political climate might have influenced the outcome. “The tariff just seems disproportionate,” said one Italian official.

Trump has campaigned for years against European imports, saying the EU was created with the aim of “screwing” with the U.S. As well as the 15% standard tariff on European imports, the Trump administration has imposed 25% tariffs on European steel and aluminum, and Trump has periodically threatened to slap higher tariffs on various European goods.

Read more here.

Bloomberg reports:

President Donald Trump said he “at some point” would reduce the tariff rate on Indian goods, saying the US was getting “pretty close” to a trade deal with New Delhi.

“Right now they don’t love me, but they’ll love us again,” Trump said. “We’re getting a fair deal.”

Trump later predicted the nations were “pretty close to doing a deal that’s good for everybody.”

The comments were the latest signal of a possible thaw in the trade dispute that has soured the relationship between the US and India.

Trump earlier this year slapped additional tariffs on India’s exports to the US in part to pressure New Delhi to stop buying Russian oil, raising the rates on many Indian goods to 50%. That added tensions to an already contentious negotiation over what the US has cast as India’s high levies and other barriers on American goods.

But in recent weeks, Trump has said that Modi has pledged to wind down purchases of crude from Russia and expressed optimism about trade talks. “They’ve stopped doing the Russian oil - it’s been reduced very substantially,” the president said on Monday. “Yeah, we’re going to be bringing the tariffs down, I mean at some point.”

Trump was speaking at the swearing-in for Sergio Gor, the former head of his personnel office who is now becoming the US ambassador to India. Trump said Gor had already developed a “friendly” relationship with Indian Prime Minister Narendra Modi.

Read more here.

Switzerland is in negotiations for a new trade and tariff deal with the United States. The emerging deal would represent a significant improvement, given that the country was subject to a higher tariff rate than most of its international peers.

Bloomberg reports:

Switzerland is close to securing a 15% tariff on its exports to the US, in what would be a relief for the country after it was hit with a punishing 39% levy in August, according to people familiar with the matter.

A deal may be concluded within the next two weeks, said the people, who declined to be identified discussing ongoing negotiations. They also warned that nothing is finalized and the talks could still come undone, as happened during discussions between US and Swiss trade negotiators in late July.

A spokesperson for the Swiss government declined to comment. The White House also declined to comment. The Office of the US Trade Representative didn’t immediately respond.

The previous negotiations ended with Switzerland being hit with the highest tariff rate the US imposed on any developed nation. Since then, the country has been trying to secure better terms, an effort that gained momentum last week when a group of Swiss billionaires and corporate executives met Donald Trump at the Oval Office.

The meeting went so well that Trump subsequently ordered Trade Representative Jamieson Greer to step up direct negotiations, which he did with Swiss counterparts on Friday.

Read more here.

Reuters reports:

European business sees a far greater impact in 2026 from U.S. ​tariffs and other trade tensions than in 2025, ‌when front-loading mitigated the consequences, a survey by BusinessEurope showed ‌on Monday.

The survey found that trade tensions were likely to pull 2025 gross domestic product down by 0.03 percentage points for the euro zone, the EU and a broader group ⁠of European countries.‌ For 2026, the negative impact was likely to be 0.5 to 0.6 ‍percentage points, with the euro zone faring worst.

The business lobby group's survey was based on responses from its 36 national business ​federations across the European Union and in non-EU countries,‌ such as Britain, Switzerland, Turkey and Ukraine.

BusinessEurope said its survey aligned with the view of the European Central Bank that the impact of tariffs and uncertainty on euro zone growth was likely to be around 0.7 ⁠percentage points between 2025 and 2027.

Read more here.

Bloomberg reports:

The US and China suspended port fees on each other’s ships for one year and paused probes into maritime practices, in another sign of easing tensions between the world’s two largest economies.

The Trump administration paused a probe into China’s shipbuilding industry, and in turn, Beijing said it was shelving its own investigation and putting off special port fees on US vessels.

China also said that it put on hold sanctions on US units of a major South Korean shipbuilder, Hanwha Ocean Co. (042660.KS).

The stand-down in tensions over maritime issues tallies with a rapprochement in the broader confrontation between Washington and Beijing after a summit between the countries’ leaders. While shipping is not among the highest-profile issues, most global trade is carried by sea and the industry is a cornerstone of global commerce. Still, analysts cautioned that risks remained.

“As long as the suspension remains, the potential risk to upend global shipping remains,” said Jayendu Krishna, a director at Drewry Maritime Services, which advises shipping companies on business strategies.

Read more here.

The AP reports

Honda reported Friday that its profit for the first fiscal half through September fell 37% from the previous year, as the damage from President Donald Trump’s tariffs offset the lift from solid motorcycle sales.

Tokyo-based Honda Motor Co. recorded a 311.8 billion yen ($2 billion) profit for April-September, down from 494.6 billion yen a year before.

Sales over the six months totaled 10.6 trillion yen ($69 billion), down 1.5% from nearly 10.8 trillion yen.

Honda lowered its profit projection for the fiscal year through March 2026 to 300 billion yen ($2 billion), which would be a decline of 64% from 835.8 billion yen the year before. It had earlier forecast a 420 billion yen ($2.7 billion) annual profit.

Honda, which makes the Accord sedan and Odyssey minivan, said an unfavorable currency rate also hurt its bottom line, erasing 116 billion yen ($756 million) from its operating profit over the six months.

Read more here.

The Trump administration is warning that if the Supreme Court were to dismantle President Trump's tariffs, it would cause \\"unnecessary economic pain and hardship,\\" damaging financial markets and confidence.

\\"To the extent that the policy would be reversed or watered down, that would damage financial markets,\\" Counselor to the Treasury Secretary Joe Lavorgna said this week in an interview with Yahoo Finance. \\"You've seen record high equity markets, record low credit spreads. You've seen commitments by all different countries and companies to invest in the US.”

\\"It would damage confidence. The economic system — capitalism — works on confidence,\\" he added.

While economists acknowledge it could lead to greater uncertainty, they and others say the impact of a ruling against Trump could have other impacts — including positive ones.

Read more here.

Indian food and restaurants have become a favourite among New Yorkers, especially traders and executives on Wall Street, outshining their London rivals, but they now face the pain of President Trump's tariffs.

The duties that Trump imposed on India back in July, due to New Delhi's purchase of Russian oil has doubled the rate on most exports from the country and Indian restaurants have taken a hit.

Bloomberg News reports:

Even as the legality of those tariffs is being debated before the Supreme Court, the impact has been tough on New York’s Indian food community. The price of products that define the cuisine, from spices and rice to pulses and tea, has risen, cutting into tight margins for restaurants as well as retailers. (And it’s a problem not everyone want to discuss because of the highly charged politics around the conversation.)

Chef and restaurant operator Salil Mehta — founder of Fungi Hospitality Group, which includes grilled-meat specialists Kebab aur Sharab on the Upper West Side of Manhattan — has seen the wholesale price of a 40-pound bag of basmati rice climb to $45 from $30. Likewise, a 500-gram pack of chili powder that was $7 now costs him $10.50.

Indian and Asian restaurants more broadly are particularly vulnerable to these cost increases, says Mehta, in part because they suffer from the stigma of being a “cheap” cuisine. “People don’t mind paying $35 for a cacio e pepe, for five ounces of pasta. But there’s a different perception that [Indian] food should be cheap already,” he says.

As a result, Mehta has had to raise prices at his restaurants. Entrees are about $5 more than they were pre-tariffs, and appetizers are “a couple of dollars more here and there.” But he says “it still doesn’t cover us, it means the margins are even lower than they were.” Mehta is putting all his food costs under a microscope, he says. “Now if the server drops the food at the wrong table, it’s a problem.”

Read more here. 

Businesses paying higher duties due to President Trump's tariffs, alongside trading partners that have signed trade deals and still in negotiations, will now face months of uncertainty while they wait for a verdict from the Supreme Court, whi heard arguments this week on the legality of Trump's tariffs.

If the Supreme Court rules against Trump's tariff agenda, how will this impact global economies?

Bloomberg News reports:

Who’s Possibly Affected?

India and China have been among the biggest targets of US tariffs, while Brazil has also been hit with a very high impost. Switzerland was a surprise target, too.

According to Bloomberg Economics, a broad ruling against Trump would cut the US average effective tariff rate to 6.5%, a level not seen since before the president’s April 2 Rose Garden announcement of his “Liberation Day” tariffs on dozens of countries. The average effective tariff rate is different (and usually lower) than the headline rate that has been announced by the US due to various exemptions and pre-existing levies.

China

Trump and Chinese President Xi Jinping agreed last week to lower US tariffs by 10% and to continue to suspend other threatened tariffs for a year, which provides some certainty for companies. Trump could use other legal authorities to justify tariffs if needed, and many of the issues between the rival superpowers come down to their chokeholds on key products, meaning ongoing tensions aren’t likely to fade anytime soon.

Already, Chinese exports to the US have seen seven straight months of double-digit declines, with shipments down more than 25% in October from a year earlier, according to data released on Friday.

Read more here.

Switzerland's Finance Minister Karin Keller-Sutter said on Thursday that they are keen to secure a trade agreement with the US and that talks are ongoing. But the minister acknowledged that much of the final decision lies with President Trump.

Reuters reports:

\\"Ultimately, it is up to the U.S. president to decide whether or not to agree to a deal,\\" Keller-Sutter said.

Switzerland was ‌left reeling after Trump imposed tariffs of 39% on Swiss imports in August, among the highest duties levied in his global trade reset.

Keller-Sutter, who has come under fire for her handling of the dispute, said ⁠she had fulfilled her duties ‌as Switzerland's president when she spoke to Trump before the tariffs announcement.

\\"He did not agree with the negotiated ‍agreement. Period,\\" she told newspaper Blick in an article published on Thursday.

\\"We have to live with that. The talks are continuing.\\"

She remained ​tight-lipped on the negotiations, or whether an agreement could be ‌reached this year.

Read more here.

Reuters reports:

Taipei (Reuters) -Nvidia (NVDA) CEO Jensen Huang said on Friday that there were \\"no active discussions\\" about selling the company's state-of-the-art Blackwell ​chips to China.

Blackwell is Nvidia's current flagship artificial intelligence chip that the Trump administration has so ‌far prevented from being sold to China, for fear it would aid the Chinese military and domestic AI industry.

While there was speculation last week ‌that talks between U.S. President Donald Trump and Chinese President Xi Jinping in South Korea could end with a deal to allow a scaled-down version of the Blackwell to be sold in China, so far there have been no signs of an agreement.

\\"Currently, we are not planning to ship anything to China,\\" Huang said, soon ⁠after arriving in the city of Tainan ‌for his fourth public visit to Taiwan this year.

Read more here.

Reuters reports:

The White House has informed other federal agencies that it will not permit Nvidia (NVDA) to sell its latest ​scaled-down AI chips to China, The Information reported on ‌Thursday, citing three people familiar with the matter.

Nvidia has provided samples of the chip to several ‌of its Chinese customers, according to the report.

The chip, known as the B30A, can be utilized to train large language models when efficiently arranged in large clusters, a capability many Chinese companies require, the report ⁠added.

An Nvidia spokesperson told Reuters ‌that the company has \\"zero share in China's highly competitive market for datacenter compute, and do not include ‍it in our guidance.\\"

White House did not immediately respond to Reuters' request for a comment.

Nvidia is working on modifying the B30A's design in hopes that the U.​S. administration will reconsider its stance, the The Information report said,‌ citing two company employees.

Read more here.

President Trump 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 many US trading partners, from China to Canada. He frequently says that those tariffs are helping to boost the US economy, whereas economists largely agree that they are simply a tax on consumers.

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 Chief Justice John Roberts, who said that tariffs were actually taxes ​paid by Americans.

Reuters reports:

\\"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.\\"

For months Trump has repeatedly emphasized his view that other countries pay the tariffs. He has set levies on imports from China, Canada, the European Union and others around the world.

Removing tariffs from his proverbial tool box would take ⁠away an instrument that Trump says he has used to ​end conflicts between other countries and bring economic fairness to ​the U.S., which faces tariffs put in place by its trading partners as well.

Read more here.

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:

Bloomberg reports:

The US is pushing forward on President Donald Trump’s pledge to pause a series of penalties aimed at China’s shipbuilding industry, a key concession in his interim trade pact with counterpart Xi Jinping.

The office of US Trade Representative Jamieson Greer said Thursday it was soliciting feedback on the one-year truce. The trade office proposed pausing tariffs on imports of ship-to-shore cranes and chassis from China in addition to a suspension of fees levied on Chinese-built and -operated merchant ships calling at American ports.

China has agreed to halt retaliatory measures in return for US action, according to a fact sheet released by the White House after Trump and Xi met last week.

USTR is accepting comments on the pause from noon Thursday through 5 p.m. Friday New York time, according to a notice from the agency. The pause would begin Nov. 10.

The move is effectively a yearlong pledge not to invoke tariffs or other penalties stemming from a US probe into China’s actions in the maritime, logistics, and shipbuilding sectors. Trump, however, has routinely shifted course on his trade agenda.

Read more here.

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.

Bloomberg reports:

Whether or not the high court rules Trump wrongly imposed tariffs on dozens of nations by invoking the 1977 International Emergency Economic Powers Act, the reality is that the president loves tariffs. And trade lawyers and experts say there are plenty of other laws he can draw on to fill the gap if needed, even if none offers the immediacy Trump relishes.

That means uncertainty will hang over big geopolitical negotiations with China, the European Union and other trading partners, and the day-to-day conduct of business for the thousands of companies paying the duties or trying to find ways around them.

Betting markets late Wednesday showed declining odds that Trump will prevail, and shares of large US retail brands rallied on hopes for relief from import taxes he imposed this year.

Read more here.

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.

Reuters reports:

On Wednesday during ​oral arguments, Supreme Court justices cast doubt on Trump's authority to impose tariffs under the 1977 International Emergency Economic Powers Act (IEEPA), which contains no references to tariffs - only language ‌on regulating imports during national emergencies declared by the U.S. president.

\\"Based on the questions posed by the justices, the IEEPA tariffs appear to be in jeopardy,\\" said Damon Pike, a principal with BDO USA's customs and trade services practice.

He added that all the ‌court's justices, except Samuel Alito and Clarence Thomas, \\"seemed skeptical that IEEPA gives President Trump the power to levy unlimited tariffs on every product imported from every country around the world.\\"

Read more here.