The secretary spoke from a booth at Metro 29 Diner in Arlington, Va., on his second stop of a Labor Day tour of local restaurants to tout the tax break on tips that was recently enacted as part of Republicans’ sweeping tax-and-spending law.
‘A tipping point’: Bessent previews Trump administration’s latest tariff defense
The News
Treasury Secretary Scott Bessent told Semafor Monday that he plans to write a brief for the solicitor general to file that defends the Trump administration’s tariffs ahead of a likely Supreme Court ruling on their legality.
A federal appeals court ruled Friday that the tariffs are an overreach of the president’s emergency powers, though the levies were left in place amid an expected appeal to the Supreme Court. Bessent predicted that the justices would ultimately rule in the administration’s favor; the administration faces an Oct. 14 deadline for initiating its appeal.
- Are we approaching — and I believe we are — an unsustainable equilibrium that would have caused financial instability?
- Is the president using his emergency powers to truncate a financial crisis?
- What if someone had done that for housing in ’05 or ’06?”
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