Bessent says Trump admin will be able to replicate tariffs even if it loses Supreme Court decision
NEW YORK – Treasury Secretary Scott Bessent predicted Wednesday that the administration could still implement its tariff agenda regardless of whether it prevails in a case pending before the Supreme Court.
Repeating claims he made before the high court hearing a month ago, Bessent cited various sections of the 1962 Trade Act that give the president broad powers over import duties.
“We can recreate the full tariff structure as follows: [sections] 301, 232, 122,” he said in an onstage interview at the New York Times DealBook Summit.
Asked by Andrew Ross Sorkin, founding editor of DealBook and co-host of CNBC’s “Squawk Box,” whether the administration would have to implement these measures permanently, Bessent said “permanently.”
Part 122 allows for up to 150 days of tariff power, but 301 and 232 are less precise in terms of time frame. Bessent also noted that the International Emergency Economic Powers Act provides broad tariff authority, but that is under review by the Supreme Court.
President Donald Trump has used tariffs as a favorite negotiating tool against U.S. trading partners. The president has imposed tariffs on a wide range of products and nearly all imports coming into the country, although he has backed away from many of the more aggressive measures.
Bessent talked about some of the administration’s achievements so far, specifically naming China despite ongoing tensions between the two countries.
“Because of the fentanyl tariffs, the Chinese are taking the first steps they have taken on trade,” he said. Bessent added that China is making a “strong effort” to stop imports of the drug into the United States.
He added that he still thinks the United States has a good chance of prevailing in the Supreme Court case.
On a separate topic, Bessent sidestepped a question about Trump’s pick for the next Federal Reserve chairman, noting the limited authority the central bank leader has over interest rates. Latest reports show National Economic Council Director Kevin Hassett leading the pack.
“The important thing to remember here is that this is wood and [there are] there are a few more voters from the regional banks,” he said. “The chairman of the Federal Reserve has the authority to act and initiate the debate, but at the end of the day … he has one vote.”
Bessent recently told CNBC that he thought Trump could make his decision by Christmas, but the president indicated that might not come until the new year.
