Trump’s treasury secretary confident U.S. Supreme Court will declare tariffs legal
U.S. Treasury Secretary Scott Bessent remains optimistic that the U.S. Supreme Court will uphold President Donald Trump’s use of emergency powers to impose tariffs on most trading partners. In the event that the Supreme Court does not rule in their favor, Bessent stated that the administration has a backup plan in place.
Bessent is currently preparing a legal brief for the U.S. solicitor general to emphasize the importance of addressing trade imbalances and preventing the flow of deadly fentanyl into the country. The recent decision by a divided U.S. appeals court deemed most of Trump’s tariffs illegal, but allowed them to remain in place until October 14 to allow for an appeal to the Supreme Court.
The tariffs imposed by Trump were justified under the 1977 International Emergency Economic Powers Act (IEEPA), which grants the president the authority to address threats during national emergencies. Bessent expressed confidence in the Supreme Court upholding this authority.
In ongoing trade negotiations with Canada, Prime Minister Mark Carney announced plans to remove counter-tariffs on U.S. goods in an effort to revive discussions with Washington. Bessent reiterated the importance of addressing the influx of fentanyl into the U.S. as a legitimate reason for imposing tariffs.
Despite concerns about the impact of tariffs on international relationships, Bessent remains focused on addressing trade deficits and preventing potential economic consequences. He emphasized the need for action to prevent a calamity due to increasing trade deficits.
Bessent also addressed concerns about countries like Russia, China, and India coming together in response to the tariffs, dismissing recent gatherings as performative. He highlighted efforts to persuade Europe to join in addressing issues with India’s purchases of Russian oil.
Overall, Bessent remains committed to the administration’s trade policies and believes that they are essential for protecting the economic interests of the United States.
