Summary
Treasury Secretary Scott Bessent outlined a backup plan to maintain tariffs if the Supreme Court rules against using emergency powers for imposing them. The plan involves using alternative legal measures to recreate the tariff structure. A Supreme Court decision on this matter is expected soon, which could significantly impact U.S. trade policy.
Key Facts
- Treasury Secretary Scott Bessent proposed a "Plan B" for tariffs in case the Supreme Court limits current legal authority.
- The Supreme Court is reviewing the validity of using emergency powers for imposing tariffs.
- Bessent suggested using other legal tools like Section 301, 232, and 122 to continue tariffs.
- Section 301 allows tariffs against unfair foreign trade practices.
- Section 232 permits tariffs for national security reasons.
- Section 122 allows temporary tariffs due to financial imbalances.
- Bessent mentioned the fentanyl crisis as a valid emergency for using these powers.
- A court ruling on the matter may soon affect how the U.S. negotiates trade with other countries.
