Tracking Trump's Tariffs and Turbulent Trade Talks

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Congress will do ‘what’s right’ if Trump’s tariffs are tossed by Supreme Court, House tax committee chair says​

  • Rep. Jason Smith, R-Mo., chairman of the powerful Ways and Means Committee, said Congress would do “what’s right” if the Supreme Court court rules President Donald Trump’s tariffs are illegal.
  • “If the courts do upset the apple cart, then we’re going to have to respond accordingly, that’s what’s appropriate and what’s right,” Smith said on CNBC.
  • The Supreme Court announced late Tuesday that it will hear the tariffs case on an expedited basis.
House Ways and Means Committee Chairman Jason Smith said Tuesday he would “respond accordingly” if President Donald Trump’s levies are overturned by the Supreme Court, but stopped short of pledging to move them through Congress.

The Republican from Missouri said he has worked with the Trump administration “hand in glove” on tariffs, and he himself has “talked with more than 20 different countries in the last two months.”

More:

 
Fortune

Foreign investors in agriculture say U.S. tariffs could wipe them out—and they may test America in global court​

  • Foreign investors may bring tariff-related claims to arbitration, arguing U.S. tariffs may be in violation of some international investment treaties, experts tell Fortune. The claims have never succeeded against the U.S., but tariffs are ‘effectively destroying’ some agricultural businesses, they say.
Foreign investors with business in the agriculture sector are considering bringing claims against the U.S. government as some believe tariffs have violated international investment treaties that promise them fair treatment.

More:

https://www.msn.com/en-us/money/mar...-in-global-court/ar-AA1MmQ8U?ocid=socialshare
 
As I understand it, Trump is imposing the tariffs under a legal justification of a national emergency response. I'm not a lawyer, but I would think that is essentially a force majeure issue with respect to the foreign investor complaint.
 

The True Cost Of Trump's Tariffs: American Farmers Speak Out​

Sep 12, 2025 #CNBC
Amid U.S.-China trade tensions, China, once the top buyer of U.S. soybeans, has halted pre-orders. That’s a loss of 21% of exports, reigniting farmers’ fears of a repeat of the agricultural loss of 2018. However, the Trump administration is rolling out aid to support affected farmers. While crop farmers face losses, U.S. shrimp farmers welcome tariffs, hoping pricier imports, over 90% of U.S. supply, will boost domestic competitiveness. Companies farmers rely on are also feeling the pinch from tariffs. On its Q3 earnings call Tractor-maker John Deere said sales were down and higher tariffs on steel and aluminum would cost it $600 million in 2025.


9:32

Chapters:
0:00 Introduction
1:39 Chapter 1: Soybean boycott
4:24 Chapter 2: Cheap imports
6:50 Chapter 3: U.S. farms
 
This one is a bit different.

Are Tariffs Hurting Treasury Bills, Notes & Bonds? Or Helping? | Markets With Markus​

Sep 12, 2025 Diamond NestEgg Podcast | Jennifer and Markus Lammer
$30 billion of tariff revenues for August: is this good or bad for Treasury bills, notes, bonds and the overall deficit? What if President Trump's tariffs are overturned?


14:03

SOURCES:
- https://fiscaldata.treasury.gov/datasets/monthly-treasury-statement/summary-of-receipts-by-source-and-outlays-by-function-of-the-u-s-government
- https://www.treasurydirect.gov/auctions/upcoming/
- https://www.bls.gov/
- https://home.treasury.gov/policy-issues/financing-the-government/interest-rate-statistics
 

Why Tariffs Won’t Bring Back Manufacturing Jobs, Krugman Explains​


Sep 13, 2025
Nobel laureate Paul Krugman argues that tariff “chaos” and Trump's immigration policies are the real drag on growth by raising costs, freezing investment, and ultimately hitting consumers. He says a 1950s-style manufacturing revival is illusory, tariff revenue won’t fix the deficit, and U.S. trade-rule credibility has suffered lasting damage. On New York City politics, he expects only marginal policy shifts if Democratic nominee for mayor Zohran Mamdani wins.


10:59
 
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