Treasury Secretary Bessent on Tariffs and Trade
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 the 1962 Trade Act that give the president sweeping powers over import duties.
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 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.
Understanding the Tariff Structure
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 told CNBC recently that he thought Trump could make the decision by Christmas, but the president indicated it may not come until the new year. On a separate matter, Bessent dodged a question on Trump’s pick for the next Federal Reserve chair and noted the limited power the central bank leader has over interest rates. Recent reports have indicated that National Economic Council Director Kevin Hassett is the front-runner.
Expert Insights and Analysis
“The important thing to remember here is that it’s a board and [there are] several other voters from the from the regional banks,” he said. “The chair of the Federal Reserve has the ability to move and start the discussion, but at the end of the day… he or she is one vote.” Bessent’s comments come as the administration continues to navigate complex trade relationships and economic policies. For more information, visit Here
Smart Tip for Readers
To stay informed about the latest developments in trade policies and tariffs, readers can follow reputable news sources and official government websites, such as the U.S. Trade Representative and the Federal Reserve, to get accurate and up-to-date information on these complex topics.
