The U.S. Supreme Court"s impending decision on the legality of tariffs imposed by former President Donald Trump could cost the nation tens of billions of dollars, according to Treasury Secretary Scott Bessent. If the Court rules against the tariffs, the government may be required to refund approximately half of the over $70 billion collected during Trump"s second term.
Bessent expressed confidence that Trump will prevail in the case, despite a previous ruling by an Appeals Court that stated Trump lacked the authority to impose these tariffs under the International Emergency Economic Powers Act. The enforcement of that ruling has been postponed until October 14, allowing time for the Trump administration to appeal.
The tariffs were initially levied on various countries as part of Trump"s trade policy, aiming to protect American industries. However, if the Supreme Court upholds the Appeals Court decision, the financial repercussions could be severe for the Treasury.
This situation highlights the ongoing legal battles surrounding Trump"s economic policies, which continue to reverberate through U.S. politics. For more on Trump"s recent political activities, see our related coverage.
