Bessent expects Supreme Court to uphold legality of Trump’s tariffs but eyes Plan B

By Andrea Shallal and Jeff Mason

Arlıngon, Virginia (Reuters) -US Treasury Secretary Scott Bessent Monday, the Supreme Court President Donald Trump’s 1977 Emergency Authorities will use the trust of the law to sweep the law. tariffs Most of the trade partners, but the administration has a reserve plan, he said.

Bessent said that the government has prepared a legal summary for the US general, which will supervise the government’s objection to the Supreme Court, and that it will undermine the emergency of addressing the decimal trade imbalances and stopping the flow of deadly fentanyl to the United States.

On Friday, a divided US Court of Appeal decided that most of Donald Trump’s tariffs were illegal and prevented the Republican President from using taxes as a basic economic policy tool. The Court allowed the Trump administration to appeal the Supreme Court to appeal the tariffs until October 14th.

The US Court of Appeal for the federal circuit on the Washington DC, 7-4 decisions by Trump’s “mutual” tariffs brought as a part of the trade war in April, and in February, and in February, a separate set of tariffs against China, Canada and Mexico.

The court’s decision does not affect the tariffs given under other legal authority, such as Trump’s steel and aluminum import tariffs.

Trump justified both tariff sets – and new taxes under the 1977 International Emergency Economic Forces Law. IEEPA gives the President the authority to address “unusual and extraordinary” threats in national emergencies.

“I am sure that the Supreme Court will support this – the President will maintain the authority of the President’s use of IEEPA. And there are many other authorities that can be used – not efficient, not strong.” He said. Washington spoke to Reuters during a restaurant visit to the suburbs.

Authorized, one of these officials, the 338th part of the 1930 Smoot-Hawley Tariff Law, which may be the President of the President of the United States of the United States to allow up to 50% tariffs against imports from the countries found to allow tariffs, he added.

Fentanyl flow

Bessent said the fatal fate in the United States, which is linked to approximately 70,000 deaths annually, is a legitimate reason to call an emergency.

“If this is not a national emergency, what is it?” Bessent said, thousands of drugs associated with Fentanil referred to an overdose. “If not for Fentanil, when can you use IEEPA?”

Authorized, the summary to be presented on Tuesday or Wednesday will focus on the idea that the US trade deficits with other countries have expanded for years and reached a overturning point that could lead to much larger consequences.

“We have been in this trade gap for years, but they continue to grow,” he said. “We are approaching an overturning point … So it is an urgent situation to prevent a disaster.”

Besent said that then President George W. Bush’s action on mortgages could prevent the global financial crisis that was triggered by excessive speculation on property values ​​by both landlords and financial institutions.

Bessent played the idea that Trump’s tariffs brought together countries such as Russia, China and India, and 20 leaders from non -Western countries rejected a meeting with China as a “performer” in Shanghai.

“Every year is for the Shanghai Cooperation Organization,” he said. “Even more. And look, these are bad actors … India is fueling the Russian war machine, China is fueling the Russian war machine … I think we and the allies will take steps.”

He said that the United States is proceeding to persuade Europe to participate in the pressure of Washington in India with an additional tariff of 25% on Russian oil purchases, but did not comment on whether the US will use similar pressure on China.

China, the United States, Europe and other English -speaking countries will fight to find enough markets, he said. “They do not have a high enough income per capita in other countries,” he said.

(Reporting by Andrea Shallal and Jeff Mason; Editing by Ross Colvin and Edmund Klamann)