Secretary Scott Bessent ‘very optimistic’ after Supreme Court tariff hearing

Treasury Secretary Scott Besent said he left the Supreme Court’s arguments Wednesday on President Donald Trump’s emergency tariff powers “very optimistic,” telling FOX Business’ Larry Kudlow that he believes the administration’s trade policy will hold up.

Bessent, who attended the hearing alongside Commerce Secretary Howard Lutnick and several other dignitaries, said he expected the justices to uphold Trump’s authority to impose tariffs under the International Emergency Economic Powers Act (IEEPA).

When asked how the administration would return the billions in tariffs already collected if the court overturned the tariffs, he replied: “We’ll cross that bridge when we get to it, and I’m confident we won’t have to.”

Speaking to reporters at the White House later in the day, Picent said he thought the Supreme Court hearing “went very well.”

The US housing market is in a “recession” due to the Federal Reserve’s interest rate policies, Besant says

“The solicitor general made a very strong case that the president should have power,” he said, adding that the opposing attorneys “fell flat on their faces.”

Besant declined to outline a contingency plan if the justices rule against the administration, saying: “We’re not going to discuss it now.”

But he said he remained confident the court would uphold the tariffs.

He described tariffs as a “shrinking ice cube,” starting high to protect American industry, then fading as production and balance are restored.

The minister also mocked plaintiffs challenging the tariffs, saying they “almost embarrassed themselves” and “clearly don’t understand the basic economics.”

Supreme Court weighs Trump administration’s tariff authority under Emergency Powers Act

Treasury Secretary Scott Besent addresses reporters outside the White House after attending Wednesday’s arguments at the Supreme Court on the Trump administration’s use of tariffs. (Eric Lee/Bloomberg via Getty Images/Getty Images)

Pisnett cited an exchange from Justice Brett Kavanaugh, who asked whether the plaintiffs were really arguing that the president could impose a 100% embargo but not a 1% tariff, which Piscent said revealed the weakness of their case.

“Our trading partners have been doing this with us for decades,” Besant added, rejecting the idea that tariffs burden consumers. “If tariffs really hurt consumers’ wallets, other countries won’t continue to use them.”

Pisant also linked the tariff battle to what he called “life and death” issues, pointing to the fentanyl tariffs the administration imposed on China.

Treasury Secretary Scott Besent outside the White House on Wednesday where he spoke with reporters. (Eric Lee/Bloomberg via Getty Images/Getty Images)

“If you want to talk about life and death, let’s talk about fentanyl definitions,” he said. “They brought the Chinese to the negotiating table… For the first time, the Chinese agreed to work with the United States on precursor chemicals.”

Besant said the administration will continue to link trade, tax and energy policies as part of what he calls “parallel prosperity.”

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The strategy is designed to help Main Street and Wall Street grow together. He previewed the Treasury Department’s upcoming “Extract and Educate” campaign to highlight key parts of Trump’s $2 trillion tax overhaul, telling Kudlow the goal is to ensure “working Americans see and feel the benefits.”

“Wall Street has done great for four years,” Besant said. “Now it’s time for Main Street to catch up.”