President Trump has 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, dating all the way back to the 2024 presidential campaign.
The promises have included everything from sending Americans $2,000 tariff dividend checks to paying for the tax cuts that Republicans instituted over the summer.
During a recent rally in Pennsylvania, Trump reiterated his feelings for the word “tariffs” during his remarks, telling the audience “I love it more than any other word in the dictionary.”
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.
Looming over all the tariff talk is the Supreme Court decision that could not only invalidate most of the new tariffs, but possibly force the government to issue refunds of up to $100 billion.
The administration announced a $12 billion bailout fund for farmers on Dec. 9, as the agricultural sector has been hard hit by tariff fallout. That money “would not be possible without tariffs,” the president said.
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.
Despite welcoming the support, US farmers have said they need more than a $12 billion aid package to fully offset low crop prices and lost export opportunities due to Trump’s trade war.
The farm bailout comes amid an increased push on Americans’ price concerns. In an interview published Tuesday, Trump allowed he may look for “some” additional carveouts, weeks after his administration slashed tariffs on items like beef, coffee, and bananas.
Read more: What Trump’s tariffs mean for the economy and your wallet
The US has suspended implementation of the “technology prosperity deal” with the UK after growing frustration amid a lack of progress with London, according to the Financial Times. The deal aims to increase co-operation between the two countries in areas such as artificial intelligence and quantum computing.
Indonesia said that it hopes to conclude its trade agreement with the US by the end of 2025. Last week, reports emerged that the trade deal between Washington and Jakarta was at risk of collapse.
Trump gave the green light for Nvidia (NVDA) to sell some of its more powerful H200 chips to China. The US president said that China’s Xi Jinping had responded “positively” to the move.
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.
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From $2K dividend checks to tax cuts: What Trump has said his tariffs will pay for
The revenue coming in from President Trump’s tariffs dipped in November, but the president’s oft-made promises for what he will do with the money have continued apace.
According to Yahoo Finance’s count, the president has floated at least nine different ideas for how tariff money could be used, stretching back to the 2024 campaign.
It’s a list of promises that ranges from sending Americans $2,000 tariff dividend checks to paying for the tax cuts that Republicans instituted this summer.
Trump reminded the crowd at a recent rally in Pennsylvania just how he feels about tariffs, saying of the word, “I love it more than any other word in the dictionary.” He only demoted it behind other words like religion and family, he said, at the behest of the “fake news.”
Yet the tariff revenue picture has gotten considerably more cloudy in recent weeks after the president bowed to Americans’ affordability concerns and lifted some tariffs on items like coffee, oranges, and cocoa that had seen price increases.
