Treasury Secretary Scott Bessent insisted today that the Trump administration will proceed with its planned tariffs on trading partners regardless of any potential rulings from the U.S. Supreme Court.
Speaking at the DealBook Summit in New York, Bessent reaffirmed statements made last month regarding Section 232 of the Trade Expansion Act of 1962 and Sections 122 and 301 of the Trade Act of 1974 as legal authority for levies. The official noted these specific sections allow for re-imposing tariffs permanently if needed.
When questioned by Andrew Ross Sorkin about whether the administration would implement Section 122’s temporary tariff structure indefinitely, Bessent confirmed the policy would be enforced “Permanently.”
Bessent also highlighted that despite legal scrutiny of IEEPA provisions, citing broad emergency powers authority remains a valid tool for economic leverage. The high court is expected to issue its ruling on this matter later in the term.
The official added that combating China’s pharmaceutical exports has been a notable success under current trade policies. The fentanyl tariffs have reportedly prompted “a robust effort” from Chinese authorities to stop precursor shipments.
Bessent expressed confidence regarding an agreement reached last month between President Trump and Chinese leader Xi Jinping, including China’s commitment to purchase U.S. farm products despite previous retaliatory actions against soybean imports. Current estimates indicate progress toward this target will reach by February.
Separately, the administration warned of potentially devastating financial consequences if Supreme Court rulings force the reversal of tariff policies. President Trump specifically referenced protecting over $3 trillion in American investments and economic strength as paramount considerations.
