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Treasury Secretary Scott Bessent said Tuesday that two major decisions – the Supreme Court ruling on tariffs and the selection of a new Federal Reserve chair – will come in January.
Bessent told FOX Business Network’s Maria Bartiromo that while the administration has “plenty of revenue alternatives,” he would like to see the Supreme Court rule in favor of President Donald Trump’s trade policy.
“Economic security is national security. So this ruling is really a national security ruling and if they rule against the administration, they will be ruling against national security,” Bessent told Bartiromo.
TRUMP DEFENDS TARIFFS, SAYS US HAS BEEN ‘THE KING OF BEING SCREWED’ BY TRADE IMBALANCE
Two cases, which Trump has called “life or death” for the U.S., have forced the nation’s highest court to confront how far a president can go in redirecting U.S. trade policy.
The suits – Learning Resources Inc. v. Trump and Trump v. V.O.S. Selections Inc. – were brought by an educational-toy manufacturer and a family-owned wine and spirits importer challenging Trump’s tariffs.
Both cases turn on a central question: whether the International Emergency Economic Powers Act (IEEPA) gave the president authority to impose the tariffs, or whether that move crossed constitutional lines.
TRUMP SAYS SUPREME COURT CASE ON TRADE IS ‘LIFE OR DEATH’ FOR THE US
Tariffs are taxes the government places on imported goods. Although companies pay these taxes at the border, they often cover the added cost by raising prices, which means consumers ultimately shoulder much of the burden.
Since Trump announced his “Liberation Day” tariffs in April, total duty revenue reached $215.2 billion in fiscal year 2025, which ended Sept. 30, according to the Treasury Department’s “Customs and Certain Excise Taxes” report.
That revenue strength has carried into the new fiscal year. Since Oct. 1, the government has collected $71 billion in duties.
Bessent also noted that, beyond tariff policy, Trump is currently interviewing two candidates to lead the Federal Reserve.
A LOOK AT THE UNFOLDING BATTLE BETWEEN TRUMP AND POWELL OVER FED POLICY
Two candidates are now vying for the role that will shape the direction of U.S. monetary policy: Kevin Hassett and Kevin Warsh.
Bessent said that Trump has been “very deliberate” and “very direct” during the interview process for the top job at the central bank.
“We had an interview last week. We may have one or two more interviews this week and next week,” he added.
Hassett is Trump’s top economic advisor, while Warsh is a former Morgan Stanley banker who previously served on the Federal Reserve Board of Governors.
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Bessent said he has known both candidates for more than 20 years and added that Hassett and Warsh are equally qualified for the role.
Federal Reserve Chairman Jerome Powell, whom Trump nominated in 2017, is set to finish his term in May 2026, when the next chair will take over.
