Treasury Secretary Scott Bessent warned that the U.S. could be on the hook for a staggering $1 trillion in tariff refunds if the Supreme Court sides against President Trump’s trade agenda — a decision that could cripple the Treasury and kneecap America’s economic leverage.
At the heart of the legal battle is the Trump administration’s broad use of tariffs under the International Emergency Economic Powers Act (IEEPA), particularly the so-called “reciprocal tariffs” that have imposed sweeping levies on imports. Two lower courts have declared the tariffs unconstitutional, contending they overstepped executive authority and amounted to taxation without congressional approval.
Bessent made it clear: If the Supreme Court rules against the administration, the U.S. government will be forced to refund as much as $1 trillion to importers, a move he called “terrible” for the Treasury and the economy, the New York Post <a href="https://nypost.com/2025/09/09/business/us-could-be-forced-to-refund-1-trillion-if-supreme-court-overturns-trumps-tariffs/">reported</a>.
“We’d have to do it,” Bessent <a href="https://www.nbcnews.com/meet-the-press/meet-press-september-7-2025-n1312693">told</a> NBC’s “Meet the Press” on Sunday. “But it would be terrible.”
According to court filings, the administration has already collected tens of billions in tariff revenue since Trump’s “Liberation Day” in April, with $30 billion in July alone, a 242% spike year-over-year. The total potentially owed could reach up to $1 trillion if the Supreme Court delays action.
Bessent did not mince words about the dangers of reversing the tariffs. “Unwinding them could cause significant disruption,” he said, emphasizing that economic benefits such as record stock market highs, increased capital expenditures, and strong GDP growth are largely due to the Trump tariff strategy.
Solicitor General D. John Sauer echoed Bessent, writing: “With tariffs, we are a rich nation; without tariffs, we are a poor nation… The economic consequences would be ruinous.”
Bessent was pressed repeatedly on “Meet the Press” on whether the administration would honor the court’s ruling if the tariffs were struck down.
“I mean, there’s no ‘be prepared,’” he said. “If the court says it, we’d have to do it.”
He cautioned that such a refund would not only harm the nation financially but also undermine the U.S. negotiating position globally, slow the progress made on rebalancing trade, and potentially reverse the economic momentum Trump has established.
Bessent dismissed complaints from corporations like John Deere and Nike, who blame the tariffs for profit losses and layoffs, calling them cherry-picked examples. He emphasized that Treasury is hearing a “record amount” of positive feedback from companies that support the tariffs.
Bessent rejected claims from Goldman Sachs and The New York Times that consumers are bearing the brunt, insisting that many foreign manufacturers are “eating the tariffs,” and that American economic strength is a direct result of the policy.
“This isn’t about the dollars,” Bessent said. “This is about balance. The dollars are an after amount.”
Bessent and President Trump see the court battle not just as a legal fight, but as a referendum on America’s right to defend its economic sovereignty.

US Treasury Secretary Scott Bessent Interview

Supreme Court Ruling Against Trump Tariffs Could Trigger $1 Trillion Economic Disaster, Bessent Warns

Bessent Warns Supreme Court Ruling Against Trump Tariffs Could Trigger $1 Trillion Economic Disaster

Scott Bessent

Supreme Court

Tariffs

President Donald Trump&#8217;s administration plans new measures to tackle the high cost of housing in the coming weeks, U.S. Treasury Secretary Scott Bessent told Reuters in an interview on Monday.
Emphasizing the urgency of the situation, Bessent described it as an &#8220;all hands on deck&#8221; challenge.
Bessent told the Washington Examiner in a separate interview that Trump may declare a national housing emergency this fall to address rising prices and dwindling supply.
The housing market has been hardest hit by the U.S. central bank&#8217;s tight monetary policy stance and high housing costs are a top concern for many Americans.
The Treasury secretary told Reuters rents were now dropping, which was important for Americans who do not own their homes.
<a href="https://get.dailywire.com/subscribe/plus/?utm_campaign=summer&amp;utm_content=editorialsummersale&amp;utm_medium=website&amp;utm_source=editorial" target="_blank" rel="noopener">End of Summer Sale – Get 40% off New DailyWire+ Annual Memberships</a>
He said he was expecting an increase in real estate transactions and home sales once interest rates began falling, which could encourage people who were locked into low mortgages to put their existing homes on the market.
Bessent said the Trump administration was also exploring ways to simplify permitting and encourage standardization to boost construction, which would boost housing supply and help to bring high costs down.
Affordability would be a big focus for the administration, Bessent said, noting Trump&#8217;s push to drive down prescription prices.
(Reporting by Andrea Shalal, Jeff Mason and Jasper Ward; Editing by Scott Malone, Ross Colvin and Edmund Klamann)

US-NORWAY-DIPLOMACY

Bessent: Trump May Declare National Housing Emergency

Donald Trump

Economy

Housing

U.S.

A top IRS lawyer who once advocated for action to “resist” President Donald Trump has been placed on administrative leave as officials probe whether he has put his words into action at the powerful tax-collecting agency, The Daily Wire has learned.
The inquiry was launched after The Daily Wire <a href="https://www.dailywire.com/news/top-irs-lawyer-under-trump-pledged-to-resist-president-is-former-dem-aide?author=Leif+Le+Mahieu&amp;category=News&amp;elementPosition=3&amp;row=0&amp;rowType=Vertical+List&amp;title=Top+IRS+Lawyer+Under+Trump+Pledged+To+%E2%80%98Resist%E2%80%99+President%2C+Is+Former+Dem+Aide">reported</a> on Wednesday that Anthony Sacco, a lawyer for the IRS Chief Counsel’s office, has a history of advocating for far-left positions, including fighting back against Trump, whom he now serves under. Sacco holds a key role at the IRS, where he interprets how convoluted federal tax law is applied in specific situations. 
Sacco was brought on by the Biden administration as a career employee in September 2022. The vast majority of positions at the IRS are considered career roles, with only the commissioner and chief counsel being politically appointed. Before joining the IRS, Sacco <a href="https://www.linkedin.com/in/anthony-sacco-5a4319a4/" target="_blank" rel="noopener">worked</a> under Oregon Democratic Senator Ron Wyden for the Senate Finance Committee, according to his LinkedIn. 
READ MORE: <a href="https://www.dailywire.com/news/top-irs-lawyer-under-trump-pledged-to-resist-president-is-former-dem-aide">Top IRS Lawyer Under Trump Pledged To ‘Resist’ President, Is Former Dem Aide</a>
In his role at the IRS, Sacco has co-authored multiple revenue rulings under both Biden and Trump, including as recently as April 17, 2025. Revenue rulings are authoritative IRS interpretations of how tax laws are applied by agency officials. 
Sacco locked his X account shortly after The Daily Wire reached out to him for comment, but not before his posts were archived. His posts included calls for Democrats to “pack” the Supreme Court as a way to &#8220;resist&#8221; Trump.
“The Republican Party has completely obliterated principles, integrity, and norms. Screw ‘going high.’ Pack the Court.<a href="https://archive.ph/o/UtXC5/https://x.com/hashtag/resist?src=hashtag_click"> #resist</a><a href="https://archive.ph/o/UtXC5/https://x.com/hashtag/gop?src=hashtag_click"> #gop</a><a href="https://archive.ph/o/UtXC5/https://x.com/hashtag/election?src=hashtag_click"> #election</a><a href="https://archive.ph/o/UtXC5/https://x.com/hashtag/vote?src=hashtag_click">#vote</a><a href="https://archive.ph/o/UtXC5/https://x.com/hashtag/packthecourt?src=hashtag_click"> #packthecourt</a>,” he posted to X in September 2020 ahead of the vote to confirm Amy Coney Barrett to the Supreme Court. 
<div id="attachment_963727" style="width: 1166px" class="wp-caption alignnone"><img loading="lazy" decoding="async" aria-describedby="caption-attachment-963727" class="size-full wp-image-963727" src="https://dw-wp-production.imgix.net/2025/08/Screenshot-2025-08-19-at-4.02.18-PM.png" alt="" width="1156" height="969" srcset="https://dw-wp-production.imgix.net/2025/08/Screenshot-2025-08-19-at-4.02.18-PM.png 1156w, https://dw-wp-production.imgix.net/2025/08/Screenshot-2025-08-19-at-4.02.18-PM-300x251.png 300w, https://dw-wp-production.imgix.net/2025/08/Screenshot-2025-08-19-at-4.02.18-PM-687x576.png 687w, https://dw-wp-production.imgix.net/2025/08/Screenshot-2025-08-19-at-4.02.18-PM-768x644.png 768w" sizes="auto, (max-width: 1156px) 100vw, 1156px" />Sacco X post.</div>
The disciplinary action came as the Trump administration works to root out government bureaucrats who may attempt to stymie the president&#8217;s agenda.
On Thursday, Treasury Secretary and Acting IRS Commissioner Scott Bessent received a briefing from IRS officials that included a discussion of the Trump administration&#8217;s push to de-weaponize the federal government, the department told The Daily Wire. They discussed Bessent&#8217;s desire to make the IRS a non-political agency after years of accusations that it was targeting Christian groups and conservative advocacy organizations. 
Present at the meeting were IRS whistleblowers Gary Shapley and Joseph Ziegler, who investigated Hunter Biden over his shady tax practices. Both Shapley and Ziegler said the Biden administration retaliated against them based on their investigation into Hunter. 
<a class="c-link" href="https://get.dailywire.com/subscribe/plus/?utm_campaign=summer&amp;utm_content=editorialsummersale&amp;utm_medium=website&amp;utm_source=editorial" target="_blank" rel="noopener noreferrer" data-stringify-link="https://get.dailywire.com/subscribe/plus/?utm_campaign=summer&amp;utm_content=editorialsummersale&amp;utm_medium=website&amp;utm_source=editorial" data-sk="tooltip_parent">End of Summer Sale &#8211; Get 40% off New DailyWire+ Annual Memberships</a>
When made aware of the posts, Senator Tom Cotton (R-AR) called for Sacco to be fired. 
“With deep state leftists in its leadership, it is no wonder the IRS has repeatedly targeted conservatives and conservative organizations,” Cotton told The Daily Wire on Wednesday. “This individual should be fired immediately.”
In another post, he shared a call from anthem-kneeler Colin Kaepernick to “abolish” the “white supremacist institution of policing” and another post that claimed “policing is based on race” and that the job itself was “racist.” 
<div id="attachment_963731" style="width: 1164px" class="wp-caption alignnone"><img loading="lazy" decoding="async" aria-describedby="caption-attachment-963731" class="size-full wp-image-963731" src="https://dw-wp-production.imgix.net/2025/08/Screenshot-2025-08-19-at-10.20.53-AM-1.png" alt="" width="1154" height="509" srcset="https://dw-wp-production.imgix.net/2025/08/Screenshot-2025-08-19-at-10.20.53-AM-1.png 1154w, https://dw-wp-production.imgix.net/2025/08/Screenshot-2025-08-19-at-10.20.53-AM-1-300x132.png 300w, https://dw-wp-production.imgix.net/2025/08/Screenshot-2025-08-19-at-10.20.53-AM-1-1024x452.png 1024w, https://dw-wp-production.imgix.net/2025/08/Screenshot-2025-08-19-at-10.20.53-AM-1-768x339.png 768w" sizes="auto, (max-width: 1154px) 100vw, 1154px" />Sacco retweet.</div>
Outside of social media, Sacco helped prepare a lengthy <a href="https://harvardlawreview.org/print/vol-133/abolition-constitutionalism/">academic article </a>published by the Harvard Law Review that argued that prisons should be abolished. In the article, the primary author argued “that white supremacy is deeply woven into the fabric of every legal institution in the United States.”

MixCollage-21-Aug-2025-02-36-PM-7276

‘Resist’ IRS Lawyer Put On Leave After Daily Wire Report On Far-Left Advocacy

Treasury Department

U.S. Treasury Secretary Scott Bessent said he expects a big jump in revenues from sweeping tariffs imposed by President Donald Trump, and said the money would be used first to start paying down the federal debt, not to give rebate checks to Americans.
Bessent, speaking in an interview on CNBC&#8217;s &#8220;Squawk Box,&#8221; said he expected to substantially revise upward his earlier estimate of $300 billion in revenues from the tariffs, but declined to be more specific.
Bessent said he had not spoken with Trump about the idea of using funds from the tariffs to create a dividend for Americans, but stressed that both of them were &#8220;laser-focused&#8221; on paying down the debt.
&#8220;I&#8217;ve been saying that tariff revenue could be $300 billion this year. I&#8217;m going to have to revise that up substantially,&#8221; Bessent said. &#8220;We&#8217;re going to bring down the deficit to GDP. We&#8217;ll start paying down the debt, and then at that point that can be used as an offset to the American people.&#8221;
The U.S. economy could return to the &#8220;good, low-inflationary growth&#8221; of the 1990s, Bessent said, but he blamed higher interest rates for problems plaguing some pockets of the economy, singling out housing and lower-income households with high credit card debt.
<a href="https://get.dailywire.com/subscribe/plus/?utm_campaign=summer&amp;utm_content=editorialsummersale&amp;utm_medium=website&amp;utm_source=editorial" target="_blank" rel="noopener">End of Summer Sale – Get 40% off New DailyWire+ Annual Memberships</a>
A cut in the Federal Reserve&#8217;s key interest rate &#8211; which Trump has continually pressed for &#8211; could help facilitate a boom or pickup in home building, which would help keep prices down in one to two years, he said.
The U.S. Census Bureau on Tuesday reported a small increase in groundbreaking for single-family homes and permits for future construction in July, even as high mortgage rates and economic uncertainty continued to hamper home purchases.
Trump&#8217;s wide-ranging import tariffs have kept the Federal Reserve from lowering interest rates this year, with most central bank policymakers wary of easing borrowing costs until they have more confidence the levies will not rekindle inflation, which has yet to return to the Fed&#8217;s 2% target.
Recent indications of softening in the job market, however, have largely convinced investors that the Fed will cut rates by a quarter of a percentage point when it meets in mid-September. That expectation has helped bring down mortgage rates in recent weeks.
Bessent has previously said a 50-basis-point cut in rates was warranted.
(Reporting by Andrea ShalalEditing by Mark Potter and Leslie Adler)

Treasury Secretary Scott Bessent

Bessent Says U.S. Tariff Revenues To Rise ‘Substantially,’ Focus On Reducing Debt

National Debt

Trump Administration

Treasury Secretary Scott Bessent declared on Wednesday that he will begin advocating for a ban on individual stock trading in Congress, arguing that major portfolio gains by lawmakers undermine voter confidence in the system.
When pressed during an <a href="https://www.youtube.com/watch?v=aR85WkgO8bc" target="_blank" rel="noopener">interview</a> with &#8220;Bloomberg Surveillance&#8221; on whether President Donald Trump is prepared to sign off on stock trading legislation <a href="https://www.dailywire.com/news/senate-panel-votes-to-ban-stock-trading-for-lawmakers-president-and-vp-but-spares-trump" target="_blank" rel="noopener">making its way</a> through Congress, Bessent said he did not believe a &#8220;perfect bill&#8221; had been introduced yet, but did express a desire for a crackdown.
&#8220;I am going to start pushing for a single stock trading ban because the — it is the credibility of the House and the Senate that you look at some of these eye-popping returns, whether it&#8217;s Representative Pelosi, Senator Wyden, every hedge fund would be jealous of them,&#8221; Bessent said.
<blockquote class="twitter-tweet" data-media-max-width="560">
I am pushing for a ban on single-stock trading in Congress. The American people deserve better than politicians like <a href="https://twitter.com/RonWyden?ref_src=twsrc%5Etfw">@RonWyden</a> and <a href="https://twitter.com/SpeakerPelosi?ref_src=twsrc%5Etfw">@SpeakerPelosi</a> with hedge-fund level returns. Public service should be about serving the people, not getting rich. <a href="https://t.co/yaXFGRfiMz">pic.twitter.com/yaXFGRfiMz</a>
— Treasury Secretary Scott Bessent (@SecScottBessent) <a href="https://twitter.com/SecScottBessent/status/1955713416292601876?ref_src=twsrc%5Etfw">August 13, 2025</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
Bessent, a former hedge fund manager, was referring to former House Speaker Nancy Pelosi (D-CA) and Sen. Ron Wyden (D-OR) — both of whom are <a href="https://nypost.com/2025/06/21/us-news/pelosi-added-millions-to-net-worth-last-year-report/" target="_blank" rel="noopener">estimated</a> to be worth <a href="https://www.nasdaq.com/articles/net-worth-update-senator-ron-wyden-made-estimated-8241k-stock-market-last-month" target="_blank" rel="noopener">millions</a> of dollars.
&#8220;And you know, the American people deserve better than this. People shouldn&#8217;t come to Washington to get rich,&#8221; Bessent continued. &#8220;They should come to serve the American people and it brings down trust in the system because, I can tell you, that if any private citizen traded this way, the SEC would be knocking on their door.&#8221;
<a href="https://get.dailywire.com/subscribe/plus/?utm_campaign=summer&amp;utm_content=editorialsummersale&amp;utm_medium=website&amp;utm_source=editorial" target="_blank" rel="noopener">End of Summer Sale – Get 40% off New DailyWire+ Annual Memberships</a>
Pelosi&#8217;s well-known success in the stock market during her time in Congress has drawn intense scrutiny, but it may not be examined by the Securities and Exchange Commission or be a focus of any formal investigation any time soon. In fact, just last month, senators <a href="https://x.com/SenRickScott/status/1950637197272727566" target="_blank" rel="noopener">shot down</a> a measure seeking an inquiry into her trades.
During a recent appearance on CNN, Pelosi <a href="https://www.dailywire.com/news/nancy-pelosi-visibly-perturbed-by-cnns-random-act-of-journalism" target="_blank" rel="noopener">responded</a> to Trump accusing her of insider trading, rejecting the claim.
&#8220;That’s ridiculous,” Pelosi said. &#8220;In fact, I very much support the — stop the trading of members of Congress, not that I think anybody’s doing anything wrong, if they are, they are prosecuted and they go to jail. But because of the confidence it instills in the American people, don’t worry about this. But I have no concern about the obvious investments that have been made over time, I’m not into it, my husband is, but it isn’t anything to do with anything insider.&#8221;
As some other lawmakers <a href="https://www.notus.org/money/shri-thanedar-stock-act-violation" target="_blank" rel="noopener">violate</a> disclosure rules that are currently in place, Bessent pointed out that both <a href="https://thehill.com/homenews/administration/5267113-donald-trump-congressional-stock-trading-ban/" target="_blank" rel="noopener">Trump</a> and House Minority Leader Hakeem <a href="https://punchbowl.news/article/house/bipartisan-group-eyes-stock-trading-ban/" target="_blank" rel="noopener">Jeffries</a> (D-NY) have voiced support for a congressional stock trading ban.
&#8220;The House and the Senate, they&#8217;re supposed to be working for the American people — their constituents,&#8221; Bessent said. &#8220;They&#8217;re supposed to be making law. And they shouldn&#8217;t be trading every day. I&#8217;m not going to name names, but there was one person in Congress who had 12 or 13 hundred trades two years ago. And you know, my hedge fund didn&#8217;t have that many trades.&#8221;
Bessent also warned, &#8220;There&#8217;s something going on on Capitol Hill in terms of information leakage that is statistically &#8230; not sound.&#8221;

Bessent Targets ‘Eye-Popping’ Stock Gains Made By Members Of Congress

Congress

Nancy Pelosi

Stock Market

WASHINGTON — President Donald Trump has removed Internal Revenue Service Commissioner Billy Long from his role, replacing him temporarily with Treasury Secretary Scott Bessent.
A senior White House official confirmed the news to The Daily Wire on Friday afternoon, <a href="https://www.nytimes.com/2025/08/08/us/politics/trump-billy-long-irs-commissioner.html">first reported by The New York Times</a>, only two months after Long was sworn into the role in June. He formerly served as a congressman for Missouri, and <a href="https://www.congress.gov/bill/114th-congress/house-bill/27/cosponsors?s=1&amp;r=89">previously co-sponsored legislation</a> to terminate the IRS.
Long will now become the ambassador of Iceland, a White House official shared with The Daily Wire on Friday.
“It is a honor to serve my friend President Trump and I am excited to take on my new role as the ambassador to Iceland,&#8221; Long said in a statement. &#8220;I am thrilled to answer his call to service and deeply committed to advancing his bold agenda. Exciting times ahead!”
<div id="attachment_958901" style="width: 874px" class="wp-caption alignnone"><a href="https://www.dailywire.com/news/president-trump-removes-irs-commissioner-makes-him-ambassador-to-iceland/senate-finance-committee-holds-confirmation-hearing-for-billy-long" rel="attachment wp-att-958901"><img loading="lazy" decoding="async" aria-describedby="caption-attachment-958901" class="wp-image-958901 size-large" src="https://dw-wp-production.imgix.net/2025/08/GettyImages-2215540388-864x576.jpg" alt="" width="864" height="576" srcset="https://dw-wp-production.imgix.net/2025/08/GettyImages-2215540388-864x576.jpg 864w, https://dw-wp-production.imgix.net/2025/08/GettyImages-2215540388-300x200.jpg 300w, https://dw-wp-production.imgix.net/2025/08/GettyImages-2215540388-768x512.jpg 768w, https://dw-wp-production.imgix.net/2025/08/GettyImages-2215540388.jpg 1024w" sizes="auto, (max-width: 864px) 100vw, 864px" /></a>Former Representative Billy Long during a Senate Finance Committee confirmation hearing in Washington, DC, US, on Tuesday, May 20, 2025. Photographer: Nathan Howard/Bloomberg via Getty Images</div>
Bessent&#8217;s temporary appointment makes him the sixth person to head the IRS this year, NBC News <a href="https://www.nbcnews.com/politics/economics/trump-replaces-irs-chief-with-bessent-rcna223965">reported</a>. The Treasury Secretary is already tasked with &#8220;trade talks with China, Canada and Mexico&#8221; while also assisting in the search for a new Federal Reserve chair.
It is not immediately clear who the president is considering to replace Long.

William Long Testifies In Senate Nomination Hearing To Be IRS Commissioner

President Trump Removes IRS Commissioner, Makes Him Ambassador to Iceland

As President Donald Trump considers his options for replacing Federal Reserve Chair Jerome Powell, whose term expires in May, he said on Tuesday that Treasury Secretary Scott Bessent doesn&#8217;t want the job. Trump added that the field of candidates to replace Powell has narrowed to four candidates.
The president discussed the upcoming Fed Chair job opening during a nearly 40-minute phone interview with <a href="https://www.cnbc.com/2025/08/05/trump-says-treasury-secretary-bessent-does-not-want-to-be-fed-chair-but-4-others-in-running.html">CNBC</a>. Trump did not explicitly reveal who made his list of final candidates for the position, but gave a couple of hints at who he could be considering after Bessent, who was considered one of the top candidates, told Trump that he wanted to remain as Treasury Secretary.
“I love Scott [Bessent], but he wants to stay where he is,” Trump told the hosts of &#8220;Squawk Box.&#8221; “I asked him just last night, ‘Is this something you want?’ [Bessent said], &#8216;Nope, I want to stay where I am. He actually said, ‘I want to work with you.’ It’s such an honor. I said, ‘That’s very nice. I appreciate that.’”
Trump said that both former Federal Reserve Board Governor Kevin Warsh and National Economic Council Director Kevin Hassett &#8220;are very good,&#8221; adding, &#8220;there are other people that are very good too.&#8221; Both Warsh and Hassett have recently criticized the Fed&#8217;s refusal to lower interest rates. Warsh, who served as Fed governor from 2006 to 2011, was interviewed for the Fed Chair position in 2017 before Trump nominated Powell, Yahoo Finance <a href="https://finance.yahoo.com/news/trump-rules-out-bessent-as-next-fed-chair-says-may-name-powell-replacement-soon-132550942.html">reported</a>. Hassett&#8217;s ties to Trump include his current position as one of the president&#8217;s top economic advisers, as well as serving as an adviser in the first Trump administration.
The announcement of who will replace Powell could be coming &#8220;soon,&#8221; Trump said. He also commented on the <a href="https://www.dailywire.com/news/biden-appointed-fed-governor-resigns-as-trump-calls-for-interest-rate-cuts">resignation</a> of Biden-appointed Federal Reserve Board Governor Adriana Kugler last Friday, calling it a &#8220;pleasant surprise.&#8221;
Trump added that he will nominate a replacement for Kugler in the coming days. Asked if his pick to replace Kugler could also be his nominee for the Fed Chair, Trump said it was possible. Kugler will officially step down from her role on Friday.
While Trump didn&#8217;t name the other candidates in the running, multiple names have been floated in the media, including Fed Governors Christopher Waller and Michelle Bowman, who both dissented against the Fed&#8217;s decision last week to keep interest rates steady.
Waller and Bowman, who were both nominated by Trump to serve on the board, have been pushing for lower interest rates as Trump ramps up pressure on Powell. In their dissent, Waller and Bowman said that the central bank&#8217;s decision to keep interest rates between 4.25% and 4.50% <a href="https://www.dailywire.com/news/feds-delay-on-rate-cuts-threatens-u-s-economy-say-two-dissenting-governors-eyeing-top-job">threatens</a> the economy.

Trump Narrows Fed Chair Shortlist To Four After Leading Contender Opts Out

Executive

Federal Reserve

Interest Rates

Jerome Powell

Politics

STOCKHOLM (Reuters) — U.S. Treasury Secretary Scott Bessent on Tuesday said he warned Chinese officials that continued purchases of sanctioned Russian oil would lead to big tariffs due to legislation in Congress, but was told that Beijing would protect its energy sovereignty.
Wrapping up two days of U.S.-China trade talks in Stockholm, Bessent said he also expressed U.S. displeasure at China&#8217;s continued purchases of sanctioned Iranian oil, and its sales of over $15 billion worth of dual-use technology goods to Russia that have bolstered Moscow&#8217;s war against Ukraine.
Bessent said legislation in the U.S. Congress authorizing Trump to levy tariffs up to 500% on countries that purchase sanctioned Russian oil would draw U.S. allies into taking similar steps to cut off Russia&#8217;s energy revenues.
Trump on Monday shortened a deadline for Moscow to make progress toward a Ukraine war peace deal or see its oil customers slapped with secondary tariffs of 100% in 10 to 12 days, reflecting his growing frustration with Russia&#8217;s actions.
&#8220;So I think anyone who buys sanctioned Russian oil should be ready for this,&#8221; Bessent told a news conference.
Chinese officials responded by saying China was a sovereign nation with energy needs, and oil purchases would be based on the country&#8217;s internal policies, Bessent said.
&#8220;The Chinese take their sovereignty very seriously. We don&#8217;t want to impede on their sovereignty, so they&#8217;d like to pay a 100% tariff,&#8221; Bessent said.
China remains the largest buyer of Russian oil, at about 2 million barrels per day, followed by India and Turkey.
Bessent said he also has warned his counterpart, Vice Premier He Lifeng, that China&#8217;s continued sales of goods to Russia that wind up in weapons will hurt its efforts to boost trade ties with Europe.
&#8220;I pointed out to them that it is very much hurting their public perception in Europe that they are contributing to the war on the European border,&#8221; Bessent said.
(Reporting by David Lawder; Editing by Terje Solsvik and Daniel Wallis)

U.S. Treasury Secretary Bessent and U.S. Trade Representative Greer attend a press conference at government quarters Rosenbad

Bessent Warns China On Russian Oil Purchases That Could Bring 100% Tariffs

China

Russia

Ukraine-Russia War

WASHINGTON (Reuters) — U.S. Treasury Secretary Scott Bessent will skip a Group of 20 finance officials meeting in South Africa next week, sources familiar with his plans told Reuters, but will attend the World Expo 2025 in Osaka, Japan, according to a Treasury spokesperson.
Bessent&#8217;s decision to miss the G20 finance ministers and central bank governors meeting marks the second time this year he has opted against attending a G20 meeting in South Africa, which is serving as the group&#8217;s president this year.
A Treasury official confirmed that Michael Kaplan, acting undersecretary for international affairs, will represent the department at the July 17-18 meeting near Durban, South Africa instead of Bessent. The United States is due to head the G20 group, which it helped found in the aftermath of the global financial crisis, next year.
Bessent, a key figure in President Donald Trump&#8217;s trade negotiations, will represent the United States at the U.S. national day at the 2025 World Expo in Osaka, a Treasury spokesperson said. The national day will be marked on July 19.
It was not immediately clear if he would engage in bilateral meetings during the visit.
The White House said Bessent would lead the U.S. delegation, which will also include Labor Secretary Lori Chavez-DeRemer and Deputy Secretary of State Christopher Landau.
News of Bessent&#8217;s trip comes a day after Trump sent a letter to Japan raising tariffs on Japanese imports to 25%, starting August 1. Japanese Prime Minister Shigeru Ishiba said he would continue negotiations with the U.S. to seek a mutually beneficial deal.
Bessent skipped South Africa&#8217;s first G20 finance meeting in February to attend Trump&#8217;s first cabinet meeting in Washington. Finance ministers from China, Japan, India, and Canada also skipped the meeting in Cape Town focused on tackling global poverty, as did the European Union&#8217;s top economic official.
Bessent&#8217;s February decision came amid rising tensions between Washington and Pretoria as Trump threatened to cut off funding for South Africa, accusing President Cyril Ramaphosa&#8217;s government of confiscating land from white South Africans and turning a blind eye to the targeted killings of white farmers. U.S. Secretary of State Marco Rubio also skipped a February G20 foreign ministers meeting in South Africa.
In May, Trump declined to say whether he would attend a G20 leaders summit in South Africa in November, after blasting Ramaphosa at the White House over reports of white genocide and land seizures in Africa&#8217;s largest economy.
On Monday, Trump sent Ramaphosa a letter informing him that imports from South Africa would be subject to a 30% tariff starting next month, unless the country agrees to reduce its trade barriers to U.S. goods &#8211; one of more than a dozen countries to get similar letters.
(Reporting by Andrea Shalal; Writing by David Lawder; Editing by Chizu Nomiyama and Christopher Cushing)

Scott Bessent To Skip South Africa G20 Meeting Again, Travel To Japan Instead

G20 summit

Global Politics

Japan

South Africa

Treasury Secretary Scott Bessent promised on Monday that the Trump administration would make &#8220;several announcements in the next 48 hours&#8221; regarding President Donald Trump&#8217;s trade agenda.
Bessent said during an interview with CNBC&#8217;s &#8220;Squawk Box&#8221; that the president is actively &#8220;trying to get everyone across the finish line&#8221; on agreements. Bessent&#8217;s comments come hours after Commerce Secretary Howard Lutnick, in an interview alongside Trump on Sunday, <a href="https://www.cnbc.com/2025/07/06/stock-market-today-live-updates.html">said</a> that tariffs will take effect on August 1, pushing back the plan for Trump&#8217;s &#8220;Liberation Day&#8221; tariffs to hit countries around the world on July 9 after a 90-day reprieve.
&#8220;What President Trump is concerned about is the quality of the deals, not the quantity,&#8221; Bessent said.
&#8220;My mailbox was full last night with a lot of new offers, a lot of new proposals,&#8221; he added. &#8220;So it&#8217;s going to be a busy couple of days. But importantly, too, President Trump has said that the countries would not go back to the recipricol [tariff] rate until August 1.&#8221;
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">
.<a href="https://twitter.com/SecScottBessent?ref_src=twsrc%5Etfw">@SecScottBessent</a> on trade negotiations: &quot;We are going to have several announcements in the next 48 hours&#8230; What President Trump is concerned about is the quality of the deals, not the quantity&#8230; It&#39;s going to be a busy couple of days.&quot; <a href="https://t.co/xBWFDoaP7l">pic.twitter.com/xBWFDoaP7l</a>
&mdash; Rapid Response 47 (@RapidResponse47) <a href="https://twitter.com/RapidResponse47/status/1942197285720350979?ref_src=twsrc%5Etfw">July 7, 2025</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
The Treasury Secretary <a href="https://www.dailywire.com/news/bessent-trump-will-revive-foreign-tariffs-if-countries-dont-move-along-by-august-1?author=Hank+Berrien&amp;category=undefined&amp;elementPosition=2&amp;row=3&amp;rowHeadline=Latest+News&amp;rowType=Vertical+Carousel&amp;title=Bessent%3A+Trump+Will+Revive+Foreign+Tariffs+If+Countries+Don%E2%80%99t+%E2%80%98Move+Along%E2%80%99+By+August+1">told</a> CNN on Sunday that Trump plans to send letters to countries, warning them to &#8220;move things along&#8221; or tariffs will &#8220;boomerang back to your April 2 tariff level.&#8221;
&#8220;So I think we’re going to see a lot of deals very quickly,&#8221; Bessent added.
Trump is also ramping up <a href="https://www.dailywire.com/news/trump-threatens-tariffs-for-countries-backing-anti-american-global-alliance?topStoryPosition=undefined&amp;author=Hank+Berrien&amp;category=News&amp;elementPosition=2&amp;row=1&amp;rowHeadline=Top+Stories&amp;rowType=Top+Stories&amp;title=Trump+Threatens+Tariffs+For+Countries+Backing+%E2%80%98Anti-American%E2%80%99+Global+Alliance">pressure</a> on countries that align with &#8220;anti-American&#8221; trade policies of the BRICS nations, which include Brazil, Russia, India, and China. Ten countries have recently become &#8220;partner states&#8221; with BRICS, which could potentially lead to their inclusion as member nations. The 10 &#8220;partner states&#8221; include Belarus, Bolivia, Cuba, Indonesia, Kazakhstan, Malaysia, Thailand, Vietnam, Uganda, and Uzbekistan.
&#8220;Any Country aligning themselves with the Anti-American policies of BRICS, will be charged an ADDITIONAL 10% Tariff,&#8221; Trump posted on Truth Social as the BRICS nations met in Rio de Janeiro. &#8220;There will be no exceptions to this policy. Thank you for your attention to this matter!&#8221;
The stock market is down on Monday amid President Trump&#8217;s renewed push for trade. The Dow Jones Industrial Average futures dropped 70 points Monday morning, the S&amp;P 500 futures fell 0.3%, and the Nasdaq 100 futures were down 0.5%.

Bessent Promises ‘Several’ Trade Announcements Over ‘The Next 48 Hours’

Trade War

Treasury Secretary Scott Bessent pushed back on Sunday when CNN’s Dana Bash said the “One Big, Beautiful Bill” would result in cuts to Medicaid.
“Only in DC is a 20% hike over 10 years a cut,” said Bessent. “Medicaid funding will go up 20% over the next 10 years. The people who Medicaid was designed for – the pregnant women, the disabled, and families with children under 14 – will be refocused.”
The Treasury secretary said that those who stand to lose benefits are those that do not qualify as “vulnerable.”
“Able-bodied Americans are not vulnerable Americans, so a work requirement or a community service requirement, that&#8217;s very popular with the public, and many state programs have that now,” he said.
Bash said that regardless of whether or not the American people generally support some work requirements for Medicaid, the “One Big, Beautiful Bill” is still a broken promise by President Donald Trump because “the president promised that there would not be changes to Medicaid benefits.”
“There is no change in benefits. There&#8217;s a change in requirements to get the benefits,” Bessent corrected her. The secretary continued that with the administration’s focus on bringing manufacturing jobs back to the United States and curbing illegal immigration, jobs will be available for Americans willing to work.
Bessent went on to accuse Democrats of infantilizing Medicaid recipients by claiming new registration requirements will be too much for them to handle.
It is a group of Democrats who unfortunately seem to think that poor people are stupid. I don&#8217;t think poor people are stupid. I think they have agency, and I think to have them registered twice a year for these benefits, that is not a burden,” the secretary said. “But these people who want to infantilize the poor and those who need these Medicaid benefits are alarmists.”
<blockquote class="twitter-tweet" data-width="500" data-dnt="true">
Bessent on Medicaid cuts: &quot;The able-bodied Americans are not vulnerable Americans &#8230; people can get off Medicaid and get a job that has good healthcare benefits &#8230; I don&#39;t think poor people are stupid. I think they have agency.&quot; <a href="https://t.co/raDM6GQEOU">pic.twitter.com/raDM6GQEOU</a>
&mdash; Aaron Rupar (@atrupar) <a href="https://twitter.com/atrupar/status/1941851013826158973?ref_src=twsrc%5Etfw">July 6, 2025</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
Trump signed the “One Big, Beautiful Bill” into law on Independence Day. The nearly 900-page reconciliation bill may be the defining legislative achievement of his second term.
The legislation includes reforms to Medicaid, as well as new funding for administration priorities such as border security and national defense. The legislation also promotes fossil fuel development while cutting tax credits for green energy and electric vehicles.
House Speaker Mike Johnson, who played a key role in shepherding the legislation through the House, has been optimistic about the bill’s popularity with the American public. Johnson said over the weekend that the GOP will make a point of campaigning on the bill’s passage ahead of midterm elections.
“Our Republicans are going to be out across the country telling the simple truth, and guess what? It will be demonstrated. Everyone will have more take home pay. They’ll have more jobs and opportunity. The economy will be doing better. And we will be able to point to that as the obvious result of what we did,” Johnson <a href="https://www.dailywire.com/news/yeah-right-johnson-drags-dems-who-claim-theyre-happy-to-run-against-big-beautiful-bill?author=Hank+Berrien&amp;category=undefined&amp;elementPosition=1&amp;row=3&amp;rowHeadline=Latest+News&amp;rowType=Vertical+Carousel&amp;title=%E2%80%98Yeah%2C+Right%E2%80%99%3A++Johnson+Drags+Dems+Who+Claim+They%E2%80%99re+Happy+To+Run+Against+Big+Beautiful+Bill">said</a>.

Scott Bessent Schools CNN On What’s Happening With Medicaid: ‘Funding Will Go Up’

On Sunday, Treasury Secretary Scott Bessent revealed that President Trump is intent on reviving tariffs that were paused if countries don’t “move along” by August 1.
Bessent appeared on CNN‘s “State of the Union” with host Dana Bash, who asked what was going to happen when the initial 90-day pause on foreign tariffs expired in three days.
“I&#8217;m not going to give away the playbook, because we&#8217;re going to be very busy over the next 72 hours,” Bessent answered. “President Trump&#8217;s going to be sending letters to some of our trading partners, saying that, if you don&#8217;t move things along, then, on August 1, you will boomerang back to your April 2 tariff level. So I think we&#8217;re going to see a lot of deals very quickly. “
“So there&#8217;s basically a new deadline?” Bash asked.
“It’s not a new deadline,” Bessent replied. “We are saying this is when it&#8217;s happening. If you want to speed things up, have at it. If you want to go back to the old rate, that&#8217;s your choice.
Bessent explained that the “playbook” is “to apply maximum pressure. We saw that the E.U. was very slow in coming to the table. Three weeks ago, on a Friday morning, President Trump threatened 50 percent tariffs, and, within a few hours, five of the European national leaders had called him. And Ursula von der Leyen, the head of the E.U., was on the phone.” 
“We are close to several deals,” Bessent continued. “As always, there&#8217;s a lot of foot-dragging on the other side. And so I would expect to see several big announcements over the next couple of days.”
“The thing about being the deficit country, Dana, is, when you are the deficit country, you have the leverage,” Bessent asserted. “These are surplus countries that they have exported more to us than we export to them. So we have the leverage in this situation.”
When Bash posited that small business owners have told her they are living with uncertainty because of the tariffs, Bessent replied, “I&#8217;d say two things, is, the other thing they would probably have been telling you is, it was the uncertainty around taxes. So, with the One Big Beautiful Bill, they now have great certainty on taxes. &#8230; When I&#8217;m out talking to businesses, they want trade and taxes. So we have certainty on taxes now. All businesses know that they will be getting 100 percent expensing for new plant and equipment. On tariffs, again, it is the 18 important trading relationships. And we&#8217;re moving through those.”

Menu