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Posted on 12/04/2025 9:01:40 PM PST by SeekAndFind
NEW YORK — Treasury Secretary Scott Bessent on Wednesday predicted that the administration still will be able to implement its tariff agenda regardless of whether it prevails in a pending case before the Supreme Court.
Repeating assertions he had made prior to the high court hearing a month ago, Bessent cited several sections of 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.
Asked by host Andrew Ross Sorkin — the founding editor of DealBook and co-host of CNBC’s “Squawk Box” — whether the administration had to implement those measures permanently, Bessent replied, “permanently.”
Section 122 allows for tariff power up to 150 days, but 301 and 232 are less definitive on a time frame. Bessent also cited the International Emergency Economic Powers Act as providing broad tariff authority, though that is the use under scrutiny by the Supreme Court.
President Donald Trump has used tariffs as a favorite negotiating tool against U.S. trading partners. The president has slapped duties on a wide range of products and virtually all imports that come into the country, though he has backed off on many of the more aggressive measures.
Bessent cited some of the successes the administration has enjoyed thus far, naming China specifically despite ongoing tensions between the two nations.
“Because of the fentanyl tariffs, the Chinese are making the first the step forward that they’ve made” on trade, he said. Bessent added that China has made “a robust effort” at halting the drug’s import into the U.S.
He added that he still thinks the U.S. stands a good chance of prevailing in the Supreme Court case.
(Excerpt) Read more at cnbc.com ...
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Too bad he has to find these creative methods. Thune and Johnson could simply decide to support him and pass laws codifying the tariffs. And while they were at it they could address election security and codify the DOGE cuts into law...
I swear these idiot repubs in Congress are trying to kneel on the ball until the midterms without doing anything. They would be happy to go back to minority status.
“They would be happy to go back to minority status.”
That’s their job as undercover Democrats.
| Treasury Secretary Bessent is terrific. Who ever heard of an economist willingly admitting he dwas not correct?* But that's what Bessent has done. The moderator thinks he's got Bessent trapped, but Bessent merely says, "I was sceptical, but I had to admit that President Trump's approach was correct!" Brilliant. An honest economist/expert whose willing to call a spade a spade. |
So why not just make the change to replicate the tariffs now and make any ruling null. Seriously! I never claimed to be the smartest guy in the room but it seems like a no-brainer to me.
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