Friday on Fox News Channel’s “The Will Cain Show,” Treasury Secretary Scott Bessent reacted to the Supreme Court’s 6-3 ruling against the Trump administration’s use of tariffs under the International Emergency Economic Powers Act (IEEPA).
Bessent argued there were other mechanisms to continue tariffs, adding he did not see a loss in tariff revenue for 2026.
“So that’s what I mean, when I say that, in a way, the line from the administration seems to be that nothing has changed today,” host Will Cain said. “It’s not that the tariffs haven’t been used to control fentanyl or to control trade with China. But, rather, when I have listened to you speak so far today and the president, that you will immediately institute these tariffs, continue these tariffs through different mechanisms. You can through, I believe it’s Section 122, immediately extend these tariffs for five months, and, in the meantime, then launch investigations to extend these tariffs further under other sections of these trade acts.”
“Exactly,” Bessent replied. “And the durability of the Section 232, Section 301, which are already in effect, and the commerce and USTR will launch additional investigations into additional deficiencies, those will take 30, 60, 90 days.”
He continued, “But within three days, the president can put on the Section 122 10% global tariffs. So, at Treasury, for the full year 2026, we foresee the — no decrease in revenue. But, again, it’s this the instantaneous power that the president has, but now that he’s going to have to — if he wants to negotiate with these countries, he does have the right to say, I can embargo all your products. We just can’t collect $1 from the embargo.”
Follow Jeff Poor on X @jeff_poor
Read the full article here