Treasury Secretary Scott Bessent told NBC News’ “Meet the Press” that the U.S. would have to refund “about half” of the tariffs that would have already been collected.
Transcript:
CAROLINE WOODS:
President Trump’s tariffs continue to be in legal limbo, but if the Supreme Court rules them illegal, it could cost the US up to a trillion dollars.
Treasury Secretary Scott Bessent told NBC News’ “Meet the Press” that the U.S. would have to refund “about half” of the tariffs that would have already been collected.
That’s anywhere between $750 billion and $1 trillion, according to CNBC.
Bessent called that scenario “terrible for the treasury,” but said it would have to be done. He added he’s “confident” the Trump administration can convince the Supreme Court to reverse lower court rulings.
Lower courts previously ruled that Trump overstepped his authority when he used the International Emergency Economic Powers Act to impose steep tariffs on nearly every U.S. trading partner.
Last week, the Trump administration asked the Supreme Court to act quickly, requesting a decision on whether to take the case by Wednesday, and if accepted, to schedule oral arguments by early November.
So far, the Supreme Court has not indicated when it will act, leaving the fate of these tariffs – and potentially hundreds of billions of dollars – hanging in the balance.
Subscribe |
Earn. Live. Invest. |
TheStreet Pro |
#tariff #presidenttrump #tariffs
source
