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Treasury Secretary Scott Bessent on Sunday said the U.S. could end up giving massive refunds if the U.S. Supreme Court finds the Trump administration’s tariffs are illegal, and denied that the tariffs are effectively a tax on American consumers.
In an interview on NBC’s “Meet the Press,” Bessent said he’s confident that the tariffs will be upheld by the Supreme Court. But even if they’re not, “there are numerous other avenues that we can take,” he told host Kristen Welker, though that would “diminish President Trump’s negotiating position.”
“We would have to give a refund on about half the tariffs, which would be terrible for the treasury,” Bessent said, according to a transcript. “If the court says it, we’d have to do it.”
When asked straight up if he would acknowledge that tariffs are a tax on American consumers, Bessent replied: “No, I don’t.”
More specifically, Bessent brushed off a Goldman Sachs report from August that found 86% of the tariff revenue collected so far has been paid by U.S. businesses and consumers.
OPEC+ agreed Sunday to further increase oil production in October, in an ongoing move to regain market share at the expense of prices.
Eight members of the Organization of the Petroleum Exporting Countries and its allies, led by Saudi Arabia, met briefly on Sunday and agreed to raise production by 137,000 barrels a day next month.
Still, the October increase is less than recent monthly increases, as OPEC+ moves to unwind a series of previous production cuts a year ahead of schedule.
In a statement Sunday, OPEC+ said it will return 1.65 million barrels per day worth of production “in part or in full, subject to evolving market conditions and in a gradual manner.” The delegates will meet next on Oct. 5.
Oil prices have fallen this year, with U.S. benchmark prices down 14%, but they’ve largely held above $60 a barrel despite forecasts for steeper declines to the $40 level.
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