Treasury Secretary Scott Bessent predicted that the Trump administration would be able to implement its tariffs regardless of the Supreme Court’s decision.
Reiterating assertions he made before the court hearing a month ago, Bessent cited several sections of the 1962 Trade Act that give the president sweeping powers over import duties.
“We can recreate the exact tariff structure with [sections] 301, with 232, with 122,” he said during an onstage interview at The New York Times DealBook Summit.
Section 122 allows tariff power for up to 150, while 301 and 232 have less definitive time frames.
During the same interview, he also defended President Donald Trump’s tariffs, arguing the import taxes haven’t caused widespread inflation and that they are an important tool for bringing back domestic production.
“I’ve had an open mind, and I’ve evolved on this, and the president has been right,” Bessent said.
Trump has used tariffs as a negotiating tool with U.S. trading partners as he has slapped duties on a majority of imports coming into the country, but has backed off on some more extreme measures.
Bessent said tariffs have been a successful bargaining chip so far, pointing to China as an example despite ongoing tensions between the two countries.
“Because of the fentanyl tariffs, the Chinese are making the first step forward that they’ve made,” he said.
This comes as the U.S. could face having to refund up to US$1 trillion if the Supreme Court rules many of its tariffs illegal.
