Secretary Scott Bessent 'very optimistic' after Supreme Court tariff hearing | Fox Business

U.S. Treasury Secretary Scott Bessent weighs in on the Supreme Court’s skepticism of the legality of President Donald Trump’s tariffs and newly elected New York City Mayor Zohran Mamdani on ‘Kudlow.’ Treasury SecretaryScott Bessentsaid he left Wednesday's Supreme Court arguments on President Donald Trump’s emergency tariff powers "very optimistic," telling FOX Business' Larry Kudlow he believes the administration’s trade policy will stand. Bessent, who attended the hearing alongside Secretary of Commerce Howard Lutnick and several other dignitaries, said he expects the justices to upholdTrump’sauthority to impose tariffs under the International Emergency Economic Powers Act (IEEPA). Asked how the administration would return billions in duties already collected if the court struck down thetariffs, he replied, "We’ll cross that bridge when we come to it, and I’m confident we won’t have to." Speaking to reporters at the White House later in the day, Bessent said he thought the Supreme Court hearing "went very well." BESSENT SAYS US HOUSING MARKET IN 'RECESSION' DUE TO FEDERAL RESERVE INTEREST RATE POLICIES Treasury Secretary Scott Bessent speaks to members of the media outside the White House Wednesday.(Eric Lee/Bloomberg via Getty Images / Getty Images) "The solicitor general made a very powerful case for the need for the president to have the power," he said, adding that the opposing attorneys "fell flat on their face." Bessent refused to outline a contingency plan if the justices rule against the administration, saying, "We’re not going to discuss it now." But he said he remains confident the court will uphold the tariffs. He described tariffs as "a shrinking ice cube," starting high to protect U.S. industry, then melting away as production and balance are restored. The secretary also mocked the plaintiffs challenging the tariffs, saying they "almost embarrassed themselves" and "clearly didn’t understand foundational economics." SUPREME COURT WEIGHS TRUMP ADMINISTRATION'S TARIFF AUTHORITY UNDER EMERGENCY POWERS LAW Treasury Secretary Scott Bessent addresses reporters outside the White House after he attended Wednesday's arguments at the Supreme Court over the Trump administration's use of tariffs.(Eric Lee/Bloomberg via Getty Images / Getty Images) Bessent cited an exchange from Justice Brett Kavanaugh, who asked whether the plaintiffs were really arguing that a president could impose a 100% embargo but not a 1% tariff, which Bessent said exposed the weakness of their case. "Our trading partners have been doing this to us for decades," Bessent added, rejecting the idea that tariffs burden consumers. "If tariffs truly hurt consumer wallets, other countries wouldn’t keep using them." Bessent also linked the tariff fight to what he called "life-and-death" issues, pointing to the administration’s fentanyltariffs on China. Treasury Secretary Scott Bessent outside the White House Wednesday, where he spoke with reporters.(Eric Lee/Bloomberg via Getty Images / Getty Images) "If you want to talk about ‘life and death,’ let’s talk about the fentanyl tariffs," he said. "They brought the Chinese to the negotiating table. … For the first time, the Chinese have agreed to work with the U.S. on precursor chemicals." Bessent said the administration will continue connecting trade, tax and energy policy as part of what he calls "Parallel Prosperity." GET FOX BUSINESS ON THE GO The strategy is designed to help Main Street and Wall Street grow together. He previewed Treasury’s upcoming "extract and educate" campaign to highlight key pieces of Trump’s $2 trillion tax overhaul, telling Kudlow the goal is to ensure "working Americans see and feel the benefits." "Wall Street has done great for four years," Bessent said. "Now it’s time for Main Street to catch up."