Treasury Will Be Forced to Refund ‘Half the Tariffs’ if Supreme Court Rules Against Trump, Bessent Says (Connecting the Dots: The Treasury Department, NBC News, Meet the Press, CBS News, Face the Nation, Soros Fund Management (SFM), Scott Bessent & Soros Funding, All Networking)
Treasury
Secretary Scott Bessent said such a decision would ‘be terrible’ for his
department.
The
Epoch Times
Jack
Phillips
Breaking
News Reporter
9/7/2025|Updated:
9/7/2025
Shipping containers at the Port of Miami in Miami, on Aug. 7, 2025. Chandan Khanna/AFP via Getty Images
The Treasury
Department will
be forced to issue tariff-related rebates if the Supreme Court upholds a lower
court order that blocked a large portion of the tariffs issued by the Trump
administration earlier this year, Treasury Secretary Scott
Bessent
said on Sept. 7.
“We
would have to give a refund on about half the tariffs, which would be terrible
for the Treasury,” Bessent told
NBC News’s “Meet
the Press,”
meaning that it would represent a loss in federal revenue.
“If the
court says it, we’d have to do it,” he said, noting that the Trump
administration is confident it will win the case before the Supreme Court.
Bessent
said there could be “other avenues” to imposing tariffs if the Supreme Court
rules against those duties, although he did not give details about what they
are. However, he said those maneuvers would diminish the authority of the Trump
administration.
Another
White House official, National Economic Council Director Kevin Hassett, told
CBS News’s “Face
the Nation” that
there are other legal ways to implement the duties, including Section 232
tariffs that allow
the president to impose restrictions on imports into the United States or force
other countries into negotiations following an investigation.
In a
7–4 ruling in late August, the U.S. Court of Appeals for the Federal Circuit
said most of President Donald Trump’s reciprocal tariffs, which he had imposed
in April, are illegal. The majority found that the president overstepped his
authority under a 1977 law called the International Emergency Economic Powers
Act.
“The
statute bestows significant authority on the President to undertake a number of
actions in response to a declared national emergency, but none of these actions
explicitly include the power to impose tariffs, duties, or the like, or the
power to tax,” the court stated, upholding a lower court order that blocked the
tariffs.
The
judges later wrote that it appears to be “unlikely that Congress intended, in
enacting [the International Emergency Economic Powers Act], to depart from its
past practice and grant the President unlimited authority to impose tariffs.”
That
ruling will not take effect until Oct. 14, allowing the Trump administration to
appeal the decision to the Supreme Court. Last week, the administration did
just that, asking the high court to weigh
in on the matter and reverse the appeals court order.
Solicitor
General D. John Sauer asked the justices to take up the case in November,
arguing that the appeals court order affects negotiations on trade deals.
“That
decision casts a pall of uncertainty upon ongoing foreign negotiations that the
President has been pursuing through tariffs over the past five months,
jeopardizing both already negotiated framework deals and ongoing negotiations,”
Sauer wrote. “The stakes in this case could not be higher.”
In his
Sept. 7 interview, Bessent was asked about the U.S. economy and whether the
tariffs could contribute to a potential downturn.
“President
Trump ... held the views on tariffs,” Bessent said. “He was proven right. We
had the quickest stock market recovery in history.
“We’re
at new highs in August, and. ... We’re not going to do economic policy off of
one number. We believe that good policies are in place that are going to create
good, high-paying jobs for the American people.”
Connecting
the Dots:
Meet the Press is
an NBC News program.
Tom Brokaw was
the anchor for the NBC Nightly News, the interim host for Meet
the Press, and is an overseer at the International Rescue Committee.
Mary M. Boies is
a director at the International Rescue Committee and was the
VP for CBS.
Face the Nation is a CBS program.
Foundation to Promote Open Society was a funder for the International
Rescue Committee.
George Soros was the chairman for the Foundation
to Promote Open Society and is the founder of the Soros Fund
Management (SFM).
Scott Bessent was formerly a partner at Soros Fund Management (SFM) and
is the serving since 2025 as the 79th U.S. Department of the Treasury.
Timothy F.
Geithner is a director at the International Rescue Committee,
was an overseer at the International Rescue Committee, a researcher
for Kissinger Associates, Inc. and a secretary for the U.S.
Department of the Treasury.
Henry
A. Kissinger was an overseer at the International Rescue
Committee and the founder of Kissinger Associates, Inc. and
a director at the Atlantic Council of the United States (think tank).
Foundation to Promote Open Society was a funder for the International
Rescue Committee.
George Soros was the chairman for the Foundation
to Promote Open Society and is the founder & chairman for the Open
Society Foundations.
Open Society Foundations was a funder for the Atlantic Council of the United States (think tank).
Timothy D. Adams is a director at the Atlantic Council of the
United States (think tank) and was an undersecretary for the U.S.
Department of the Treasury.
David D.
Aufhauser is a director at the Atlantic Council of the United
States (think tank) and was a general counsel for the U.S.
Department of the Treasury.
James A. Baker III is
an honorary director at the Atlantic Council of the United States
(think tank) and was a secretary for the U.S. Department of
the Treasury.
Kenneth W. Dam is
a lifetime director for the Atlantic Council of the United States
(think tank) and was a deputy secretary for the U.S.
Department of the Treasury.
Stuart E.
Eizenstat is a director at the Atlantic Council of the United
States (think tank) and was a deputy secretary for the U.S.
Department of the Treasury.
Robert M. Kimmitt is
a director at the Atlantic Council of the United States (think tank) and
was a deputy secretary for the U.S. Department of the Treasury.
George P. Shultz is
an honorary director at the Atlantic Council of the United States
(think tank) and was a secretary for the U.S. Department of
the Treasury.
Herbert M.
Allison Jr. was a director at the Atlantic Council of the
United States (think tank) and an assistant secretary at the U.S.
Department of the Treasury.
Teresa M. Ressel was
a director at the Atlantic Council of the United States (think tank) and
an assistant secretary at the U.S. Department of the Treasury.
Open Society Foundations was a funder for the Atlantic
Council of the United States (think tank).
George Soros the
founder & chairman for the Open Society Foundations and the
founder of the Soros Fund Management (SFM).
Scott Bessent was formerly a partner at Soros Fund Management (SFM) and
is the serving since 2025 as the 79th U.S. Department of the Treasury.
Timothy F.
Geithner was a secretary for the U.S. Department of the
Treasury, a researcher for Kissinger Associates, Inc., an
overseer at the International Rescue Committee and is a director at
the International Rescue Committee.
Henry
A. Kissinger was the founder of Kissinger Associates, Inc.
and an overseer at the International Rescue Committee.
Mary M. Boies is
a director at the International Rescue Committee and was the
VP for CBS.
Face the Nation is a CBS program.
Meet the Press is
an NBC News program.
Tom Brokaw was
the anchor for the NBC Nightly News, the interim host for Meet
the Press, and is an overseer at the International Rescue Committee.
Foundation to Promote Open Society was a funder for the International
Rescue Committee.
George Soros was the chairman for the Foundation
to Promote Open Society and is the founder of the Soros Fund
Management (SFM).
Scott Bessent was formerly a partner at Soros Fund Management (SFM) and
is the serving since 2025 as the 79th U.S. Department of the Treasury.
Resources:
Past Research
Report:
'Meet The Press' May Get Axed (Past Research on the
NBC News, Meet The Press & the International Rescue Committee)
Wednesday,
December 25, 2013
https://thesteadydrip.blogspot.com/2013/12/report-meet-press-may-get-axed.html
CBS
Changes Policy for ‘Face the Nation’ Interviews After Kristi Noem Interview
(Connecting the Dots: Face the Nation, CBS, 60 Minutes, Kamala Harris, Hunter
Biden & Soros Funding, All Networking) (Past
Research on CBS, Face the Nation & the International Rescue Committee)
Saturday,
September 6, 2025
https://thesteadydrip.blogspot.com/2025/09/cbs-changes-policy-for-face-nation.html
Musk
Says DOGE, Treasury Agree on New Anti-Fraud Measures to Claw Back $50 Billion
in Payment Fraud (Connecting the Dots: The U.S. Department of the Treasury, The
IRS, The Social Security Administration (SSA) Timothy Geithner, Kissinger
Associates, Inc., Henry Kissinger, Bohemian Club, Belizean Grove & Soros
Funding, All Networking) (Past Research on the U.S.
Department of the Treasury & the International Rescue Committee)
Sunday,
February 9, 2025
https://thesteadydrip.blogspot.com/2025/02/musk-says-doge-treasury-agree-on-new.html
Bessent
Emerges as Possible Successor to Fed Chair Powell (Connecting the Dots: Jerome
H. Powell, The Carlyle Group, The Economic Club of Washington, Federal Reserve,
Scott Bessent, Soros Fund Management (SFM), Bloomberg News, U.S. Department of
the Treasury, The United Kingdom, The Bank of England & Soros Funding, All
Networking) (Past Research on Scott Bessent &
the Soros Fund Management (SFM))
Tuesday,
June 10, 2025
https://thesteadydrip.blogspot.com/2025/06/bessent-emerges-as-possible-successor.html
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