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 mentioned 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 concerning the chance that the Supreme Court docket may rule towards the administration, Bessent mentioned, “We’ll cross that bridge after we come to it.”
TRUMP TARIFF REVENUES SOAR AS SUPREME COURT WEIGHS CHALLENGE TO LEGALITY
Whole tariff income for fiscal yr 2025 climbed to $215.2 billion, based on the Treasury Division. (Brandon Bell/Getty Photographs / Getty Photographs)
On Wednesday, the nation’s highest courtroom will hear the instances, Studying Assets, Inc. v. Trump and Trump v. V.O.S. Alternatives, which had been consolidated on account of their similarity.
Studying Assets is an educational-toy producer and V.O.S. Alternatives is a family-owned wine and spirits importer and distributor.
Each instances heart 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 complete fiscal yr 2025, complete responsibility income reached $215.2 billion, based on 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 Could, 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.
CLICK HERE TO GET FOX BUSINESS ON THE GO
Nonetheless, that record-setting momentum will come below scrutiny on the Supreme Court docket this week.
Trump has beforehand mentioned he’s contemplating attending the oral arguments. The White Home didn’t reply to Fox Information Digital’s request for added remark.
