U.S. Treasury Secretary Scott Bessent said growing tariff receipts are making it increasingly difficult for the Supreme Court to overturn the Trump administration’s trade levies, which are being challenged in a case now before the U.S. Court of Appeals for the Federal Circuit. “The more money coming in, the harder it gets for SCOTUS to rule against us,” Bessent told Fox Business in an interview. Bessent added that he would “immediately seek an injunction” to keep the duties in place if a court strikes them down. He projected that tariff revenues could exceed $300 billion and said collections in August and September will offer a critical test of that outlook. The secretary argued that the inflows alone could bring the federal deficit to roughly 5 percent of gross domestic product and contended that Beijing has “backed itself into a corner” in the ongoing dispute over semiconductor technology.
US TREASURY SECRETARY BESSENT: August and September will be a good test of tariff revenue. There is a chance of taking in substantially more than $300B. Tariffs alone can take deficit ratio into 5% range.
US Tsy Sec Bessent: Tariffs Alone Can Take Deficit Ratio Into 5% Range - China Backed Selves Into Corner On Chips
US Treasury Secretary Bessent: China backed itself into a corner on chips.