U.S. commerce consultant Jamieson Greer breaks down the Trump administration’s new tariff bulletins, commerce coverage, negotiations with China over TikTok and extra on ‘Kudlow.’
Treasury Secretary Scott Bessent stated Sunday he’s “optimistic” forward of this week’s Supreme Court docket arguments in a case that would decide the destiny of President Donald Trump’s commerce agenda.
When requested by Fox Information Sunday’s Shannon Bream in regards to the chance that the Supreme Court docket would possibly rule in opposition to the administration, Bessent stated, “We’ll cross that bridge once we come to it.”
TRUMP TARIFF REVENUES SOAR AS SUPREME COURT WEIGHS CHALLENGE TO LEGALITY
Complete tariff income for fiscal 12 months 2025 climbed to $215.2 billion, in response to the Treasury Division. (Brandon Bell/Getty Photographs / Getty Photographs)
On Wednesday, the nation’s highest courtroom will hear the circumstances, Studying Sources, Inc. v. Trump and Trump v. V.O.S. Alternatives, which have been consolidated as a result of their similarity.
Studying Sources is an educational-toy producer and V.O.S. Alternatives is a family-owned wine and spirits importer and distributor.
Each circumstances middle on the identical authorized query, whether or not the president had authority below the Worldwide Emergency Financial Powers Act (IEEPA) to impose the tariffs and whether or not doing so violated the Structure’s separation of powers.
TRUMP DEFENDS TARIFFS, SAYS US HAS BEEN ‘THE KING OF BEING SCREWED’ BY TRADE IMBALANCE
The Supreme Court docket will hear oral arguments associated to Trump’s commerce coverage on Nov. 5. (Valerie Plesch/image alliance/Getty Photographs / Getty Photographs)
In the meantime, the tariffs have generated hovering income for the federal authorities.
For the total fiscal 12 months 2025, complete obligation income reached $215.2 billion, in response to the Treasury Division’s “Customs and Sure Excise Taxes” report launched on Sept. 30.
These tariff revenues rose steadily from $17.4 billion in April to $23.9 billion in Might, earlier than climbing to $28 billion in June and reaching $29 billion in July.
That momentum was carried into August and September, when the federal government collected back-to-back record-breaking month-to-month revenues totaling $62.6 billion.
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Nevertheless, that record-setting momentum will come below scrutiny on the Supreme Court docket this week.
Trump has beforehand stated he’s contemplating attending the oral arguments. The White Home didn’t reply to Fox Information Digital’s request for added remark.