Scott Bessent Says US Will Refund About 'Half The Tariffs' On THIS Condition, Warns Of Major Hit To The Treasury

(MENAFN- Live Mint) US Treasury Secretary Scott Bessent highlighted the potential need to refund tariffs, which would negatively affect the treasury, if the Supreme Court rules against the duties imposed by the Trump administration on its trading partners.

During an interview with NBC host Kristen Welker, Scott Bessent said,“We would have to give a refund on about half the tariffs, which would be terrible for the treasury... There's no 'be prepared.' If the court says it, we'd have to do it.”

However, he expressed confidence in the conservative majority top court favouring the administration and stated that the issue revolves around balance rather than just financial considerations.

“I am confident that we will win at the Supreme Court," he said.

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Bessent also mentioned“numerous other avenues” that could be pursued regarding tariffs, although they would“diminish President Trump's negotiating position,” without providing further details.

“But there are numerous other avenues that we can take. They diminish president Trump's negotiating position ... This isn't about the dollars. This is about balance. The dollars are an after amount,” he said.

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According to a report by Bloomberg News, if the court strikes down these tariffs, the Trump administration can still pursue other legal avenues to impose them. These options include employing Section 232 of the Trade Expansion Act to apply import taxes on particular industries like semiconductors, steel, and wind turbines. This section grants the president the power to regulate imports that pose a threat to national security.

Trump seeks expedited ruling from Supreme CourtTrump seeks 'expedited ruling'

Recently, the US President said that his administration plans to request a quick ruling from the Supreme Court to overturn a federal court decision that found many of his tariffs were unlawfully imposed.

“We're going to the Supreme Court, because we need an early decision,” a Bloomberg report quoted Trump .“We're going to ask for an expedited ruling," he added.

Earlier, an appeals court upheld the Court of International Trade's ruling that Trump overstepped his authority under the International Emergency Economic Powers Act. The appellate judges indicated that the lower court should reconsider its decision to block the tariffs for all parties.

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