The Dow Jones (DJIA) is taking a breather after Treasury Secretary Scott Bessent warned that the U.S. Treasury Department would be on the hook to provide hefty refunds if the Supreme Court rules against President Trump’s tariff appeal.
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“We would have to give a refund on about half the tariffs, which would be terrible for the Treasury,” Bessent said.
President Trump’s tariffs are currently hanging in legal limbo after a federal appeals court ruled that most of them overstepped his authority.
Trump Pushes for Expedited Supreme Court Ruling
Last week, Trump said that the U.S. could be forced to unwind trade deals with partners like the European Union, South Korea, and Japan if the Supreme Court rules against him, adding that the U.S. would be in “very, very serious financial trouble.”
Trump has requested an expedited ruling from the top court, asking for arguments to begin in early November.
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