U.S. Treasury Secretary throws cold water on tariff refunds
WASHINGTON — Treasury Secretary Scott Bessent on Wednesday downplayed the likelihood of widespread tariff refunds and said the administration is prepared to maintain its trade agenda even if the Supreme Court strikes down President Donald Trump’s current tariff authority.
Speaking at The New York Times DealBook Summit, Bessent argued that the White House has multiple statutory tools at its disposal beyond the International Emergency Economic Powers Act, the law now under scrutiny in the high court.
“We can recreate the exact tariff structure with (sections) 301, with 232, with 122,” Bessent said in an onstage interview with DealBook editor Andrew Ross Sorkin, as reported by CNBC. Pressed on whether those measures could be made lasting replacements, he replied, “permanently.”
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Section 122 allows tariff powers for up to 150 days, but Sections 301 and 232 offer broader flexibility with less-defined time limits. While IEEPA remains the focal point of the Supreme Court challenge, Bessent’s remarks suggest the administration believes it can rebuild its tariff framework through other provisions of trade law.
His comments come as thousands of importers — particularly in industries facing new Section 232 duties on wood derived products and furniture — await clarity on whether duties already paid could be refunded if the court limits presidential authority. Bessent made no indication that refunds were likely, instead emphasizing policy continuity as the administration’s primary goal.
Bessent also pointed to recent developments with Beijing as evidence that tariffs are working as intended. “Because of the fentanyl tariffs, the Chinese are making the first step forward that they’ve made” on trade, he said, adding that China has shown “a robust effort” to curb fentanyl shipments to the U.S.
Along with the confidence he expressed in alternative legal pathways to preserve levies, Bessent said he still believes the administration has “a good chance” of prevailing in court.
A ruling is expected in the coming days with billions in duties — and potentially the power to impose future levies — hanging in the balance.
