"So we would have to give a refund on about half the tariffs, which would be terrible for the Treasury," Bessent told NBC's "Meet the Press" anchor Kristen Welker in an interview."
"Asked if the government was prepared to issue those refunds, Bessent said "well, I mean, there's no 'be prepared.' If the court says it, we'd have to do it.""
"Bessent said he was confident the government would not lose the case, but added that "there are numerous other avenues that we can take" if this particular set of tariffs is struck down."
"Those other avenues would "diminish President Trump's negotiating position," though, Bessent added."
Two courts ruled that the president lacked statutory authority under the International Emergency Economic Powers Act to impose sweeping tariffs, prompting a government request for Supreme Court review as early as November. Economists estimate about 71% of tariff revenue—more than $70 billion so far this year—would be affected, potentially requiring large refunds. A warning was issued that refunds on roughly half the tariffs would be terrible for the Treasury and that refunds would be required if ordered by the court. Bond investors began pricing in the possibility of increased borrowing, and alternative measures could weaken the president's negotiation leverage.
Read at Axios
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