Trump tariffs live updates: US holds off on Chinese chip tariffs until mid-2027; Hassett says $2K rebate checks 'likely'
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.
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.
