Treasury Secretary Scott Bessent signaled confidence that the Trump administration can preserve its sweeping trade agenda regardless of a Supreme Court ruling.
Speaking at the New York Times DealBook Summit on Wednesday, Bessent said the White House could “recreate the exact tariff structure” even if the Supreme Court limits its use of emergency powers under the International Emergency Economic Powers Act (IEEPA).
“We can recreate the exact tariff structure with Sections 301, 232, and 122,” Bessent said, referring to parts of the 1962 Trade Expansion Act that grant the president authority to adjust import duties for national security and trade policy reasons.
When asked whether those measures could remain in place indefinitely, Bessent replied, “Permanently.”
Section 122 allows for temporary tariffs of up to 150 days, while Sections 301 and 232 have no fixed limits. Bessent argued that these provisions give the administration ample flexibility to continue imposing duties on foreign goods, even if IEEPA authority is curtailed.
President Donald Trump has used tariffs extensively as a bargaining tool with trading partners, targeting everything from electronics to metals and more recently Chinese imports. Bessent pointed to what he called “early successes,” including new cooperation from China following US tariffs on fentanyl-related imports.
“Because of the fentanyl tariffs, the Chinese are making the first step forward they’ve made on trade,” Bessent said, adding that Beijing has made “a robust effort” to stem drug shipments to the US.
On monetary policy, Bessent avoided questions about Trump’s upcoming pick for the next Federal Reserve chair, though he acknowledged reports that Kevin Hassett, head of the National Economic Council, is a frontrunner.
“The Fed chair is one vote on a board,” Bessent said. “They can start the discussion, but they don’t decide policy alone.”
Bessent added that Trump could announce his decision by Christmas, though the president recently suggested it may slip into early next year.
Bessent Promotes ‘Trump Accounts,’ Expects More Private Donations
Later in the day, Bessent said he expects more billionaires and corporations to contribute to the administration’s “Trump accounts,” a new savings initiative for 25 million Americans born between 2025 and 2028.
Speaking again at the DealBook Summit, he described the program as a step toward a “shareholder economy,” enabling children to benefit from long-term asset growth traditionally reserved for the wealthy.
“This is the beginning of a shareholder economy,” he said. “We want to make it possible for every child to participate in America’s wealth creation.”
Bessent praised early donors, including Michael and Susan Dell, who pledged 6.25 billion dollars through the Treasury’s Invest America initiative. He said other philanthropists may target specific states or school districts with contributions.
The accounts, managed by the US Treasury, are designed to give every eligible child an initial investment that compounds over time through private and public contributions.
Bessent said the program aims to close the wealth gap by linking future generations directly to national asset growth, framing it as “a patriotic investment in the next American century.”
