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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.
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