Brief by Shorts91 Newsdesk / 06:14am on 08 Sep 2025,Monday International
US Treasury Secretary Scott Bessent warned that the department would need to refund approximately half of collected tariffs if the Supreme Court rules against Donald Trump's "reciprocal" tariffs. Speaking to NBC News, Bessent called such refunds "terrible for the Treasury" but acknowledged compliance would be mandatory. He noted that alternative measures would weaken Trump's negotiating position. A federal appeals court ruled August 29 that Trump's reciprocal tariffs exceeded presidential authority, finding the International Emergency Economic Powers Act doesn't authorize tariffs of such magnitude. This decision threatens the administration's trade strategy. Trump's team appealed to the Supreme Court Wednesday, arguing that eliminating these tariffs could economically weaken America during ongoing trade negotiations. (PC: The Times Of India)
