Bessent warns of “big loss” if Supreme Court strips Trump administration of tariff powers
President Donald Trump is fighting a Supreme Court battle over his use of the International Emergency Economic Powers Act (IEEPA) to impose tariffs. A lower court ruled his actions unconstitutional, claiming Congress must approve tariffs—not the president.
Trump warns that stripping his tariff powers could trigger a $3 trillion catastrophe, destabilizing trade deals and weakening U.S. leverage against China. Treasury Secretary Scott Bessent argues tariffs are vital for national security, citing the fentanyl crisis and rare earth mineral disputes with China.
The administration used tariffs to pressure China, forcing them to back down from rare earth export controls in 2025. Trump claims tariffs reverse trade deficits, bring back manufacturing jobs and fund domestic stimulus programs.
Major corporations (Costco, Walmart) are suing, claiming tariffs raise consumer prices and disrupt supply chains. Despite backlash, Bessent points to economic gains, including the Dow Jones hitting 50,000 under Trump’s policies.
The Supreme Court’s 2026 ruling could invalidate existing tariffs, destabilize trade agreements and redefine presidential power. Trump’s team vows defiance, warning that losing this authority would be a “big loss” for America’s economic and diplomatic future.
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