The US Treasury may refund almost half of the tariffs collected under President Donald Trump’s trade policies, if the Supreme Court supports a recent appellate court verdict, Treasury Secretary Scott Bessent said Sunday.
Bessent Confirms Refunds Likely if Court Strikes Down Tariffs
The statement came during Bessent’s presence on NBC’s Meet the Press, where he accepted that a loss at the Supreme Court might force the government to return billions of dollars in duties collected under the Trump administration’s so-called “reciprocal tariffs.”
“We would have to give a refund on about half the tariffs, which would be terrible for the Treasury. If the court says it, we’d have to do it.” – Scott Bessent, Treasury Secretary
As confirmed by CNN, the legal challenge centers on the International Emergency Economic Powers Act (IEEPA), which a federal petitions court ruled does not allow the president authority to enforce reciprocal tariffs without clear congressional support.
The court delayed execution of its ruling until October 14, giving the Supreme Court time to review and evaluate the appeal filed by the Trump administration.
Legal Uncertainty Clouds Trump’s Tariff Strategy
National Economic Council Director Kevin Hassett said on CBS’s Face the Nation that different tariff mechanisms could be used, together with Section 232 inquiries, which were earlier applied to steel and aluminium imports.
Economists advise of broader economic influences. Joe Brusuelas, chief economist at RSM US, distinguished in a Friday note quoted by CNN that the manufacturing sector has seen four consecutive months of deterioration, somewhat due to the random application of tariffs.
Despite the fact that the Trump administration protects tariffs as a negotiating tool, there are several private companies cautioned about the ongoing tariffs, that could influence higher cost prices for US consumers across industries.
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Ankur Mishra is a journalist who covers an extensive range of news, from business, stock markets, IPOs to geopolitics, world affairs, international crises, and general news. With over a decade of experience in the business domain, Ankur has been associated with some of the reputed media brands. Through a sharp eye on global marketplaces along with deep insights and analysis of business strategies, Ankur brings simplicity to the complex economic matrix to decode market trends and empower people.
He is committed to entrenched data, facts, research, solutions, and a dedication to value-based journalism. He has covered trade tariff wars, international alliances, corporate policies, government initiatives, regulatory developments, along with micro- and macroeconomic shifts impacting global fiscal dynamics.
