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 1962 Trade Act that give the president sweeping powers over import duties.
“We can recreate the exact tariff structure with [sections] 301, with 232, with 122,” he said during an onstage interview at The New York Times DealBook Summit.
Asked by host Andrew Ross Sorkin — the founding editor of DealBook and co-host of CNBC’s “Squawk Box” — whether the administration had to implement those measures permanently, Bessent replied, “permanently.”
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 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 the 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.
He added that he still thinks the U.S. stands a good chance of prevailing in the Supreme Court case.
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.
“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 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.