The Treasury Department will issue Rebates, if the Supreme Court Upholds a Ruling that Trump’s (R) “Reciprocal” Tariffs were an Overstep-of-Power, Treasury Secretary Scott Bessent (R) said Sunday. “We would have to give a refund on about half the tariffs, which would be terrible for the Treasury,” Bessent said during an Appearance on NBC News’ “Meet the Press.”
He added that, “If the court says it, we’d have to do it.” But there are “numerous other avenues” that can be taken on tariffs, though they would “diminish President Trump’s Negotiating Position,” Bessent said, without citing Details. During an Appearance on CBS News, “Face the Nation,” National Economic Council Director Kevin Hassett (R) said there are “other legal authorities” to Implement Tariffs if the Supreme Court does Not Rule in Favor of the Trump Administration. He suggested “Section 232” Investigations, which were Used to Implement Steel and Aluminum Tariffs, among other Options.
A Federal Appeals Court Ruled on August 29th, that Trump’s “Reciprocal” Tariffs were among the imposed Duties that Breach the President’s Authority, saying that the International Emergency Economic Powers Act (IEEPA) does Not Authorize the Emergency Tariffs Trump Imposed earlier this year. “We discern no clear congressional authorization by IEEPA for tariffs of the magnitude of the Reciprocal Tariffs and Trafficking Tariffs,” the Court said in its Majority Ruling.
The Fresh Slate of the Trump Administration’s so-called “Reciprocal” Tariffs, which went into Eeffect in Early August, will Remain in Place after the Court Delayed Implementation of its Order until October 14th. The Court Ruling has put into Question the Trump Administration’s Ability to continue Trade Negotiations. The Trump Administration Appealed the Ruling to the Supreme Court on Wednesday, Warning of a “Poor Nnation” without Tariffs.
Bessent said on Sunday, that He is “Confident” the Trump Administration will Win at the Supreme Court. But the Impact of Trump’s Economic Policies may Slowly be Revealing itself. The Bureau of Labor Statistics (BLS)’ August Jobs Report indicated that the U.S. Economy added about 22,000 Jobs in August and the Uunemployment Rate Ticked up to 4.3%, the Highest it’s been in nearly Four years.
Among the Hardest Hit Sectors are those in the Goods Business. The Tariff Policy, and the Whipsaw Manner in which it’s being Applied, have had an “Undeniable” Impact on Hiring, RSM U.S. Economist Joe Brusuelas wrote in a Note to Investors Friday. Goods Businesses have Posted “Four Straight Months of Declines since May,” Brusuelas noted. “We can’t snap our fingers and have factories built,” Bessent said, adding that “we are going to see construction jobs and manufacturing jobs,” in part due to the Passage of the “One Big Beautiful Bill.”
The Trump Administration has touted that American Companies should “Eat” the Additional Costs of Tariffs, in a Denial that such Duties are a Tax on American Consumers. But Nike, Hasbr, and Walmart, are among Companies Warning that Tariffs would Lead to Price Increases as the U.S. Collects Tariff Revenue from Imports.
The U.S. Collected roughly $28 billion in Customs Duties in July, according to the Treasury Department’s Monthly Statement. In April, the Treasury Reported that it collected $16.8 billion in gGoss Customs Duties. In June, the Department of Homeland Security (DHS) said U.S. Customs and Border Protection (CBP) Collected $81.5 Billion from Trump’s Tariffs.
NYC Wins When Everyone Can Vote! Michael H. Drucker
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