Scott Bessent Lays Out Future Of Trump’s Tariffs, Trade Deals

Secretary of the Treasury Scott Bessent told “Sunday Morning Futures” host Maria Bartiromo on Sunday that revenue from tariffs would not drop, despite the Supreme Court’s ruling against the authority President Donald Trump’ invoked to levy his “Liberation Day” tariffs.

The high court decided Trump exceeded his powers under the International Emergency Economic Powers Act (IEEPA) in a 6-3 ruling issued Friday. Bartiromo questioned Bessent about claims made Friday by the Committee for a Responsible Federal Budget that the deficit would increase due to the loss of revenue.

“Yes, so, Maria, let’s take a step back here. And Maya MacGuineas should be ashamed, and they should take the word ‘responsible’ out of her organization’s name,” Bessent responded. “Everything she told you was completely irresponsible and, look, where were they when the Biden administration blew out the deficit that we had a fiscal contraction last year? So she should be ashamed.”

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“So let me tell you what’s going to happen first, this ruling was a very narrow ruling in terms of the president’s ability to use IEEPA to collect revenues. The Supreme Court said the president can put in a full embargo, but he cannot collect one dollar,” Bessent continued. “So the president still has the most draconian measure for negotiations, and you know that under Sections 232, Sections 301, we’re already collecting substantial tariff revenue. The IEEPA tariffs are going to be replaced in three days with the Section 122, and I can tell you at Treasury, contrary to what the ‘Committee for an Irresponsible Budget,’ or whatever it’s called, says, tariff revenue will be unchanged this year and will be unchanged in the future.”