Supreme Court has taken away Trump's leverage with tariff ruling, says Bessent

Feb 20 (Reuters) - The ‌U.S. Supreme ​Court ​has taken away President Donald Trump's leverage with its decision to strike down tariffs ‌imposed under a law meant for use ⁠in national emergencies, U.S. Treasury Secretary Scott Bessent said on ‌Friday.

"The Supreme Court has ‌taken away the President's leverage, but in a way, they have made the leverage that he ​has more draconian because they agreed he does have the right to a full embargo," Bessent ⁠told "The Will Cain Show" on Fox News.

"We will get back to ​the same tariff level for the countries. It will just be in a less ​direct and slightly more convoluted ‌manner," he said.

Trump reacted to the court's ruling on Friday by saying he ⁠would invoke other laws to collect tariffs, and announced a blanket 10% tariff on imports from all other ⁠countries.

Bessent said he believed every country was going to honor ​the trade agreements made with the Trump administration over the last year.

"He (Trump) has a right to a complete embargo, he ‌can just cut countries off ... or he can cut whole product lines off. ‌We can't receive any money. So, I would ⁠call on all countries ‌to honor their ​agreements and move forward," Bessent added.

(Reporting by Bhargav Acharya and Ismail Shakil;Editing by David ‌Ljunggren)

---

Serious News for Serious Traders! Try StreetInsider.com Premium Free!

---

You May Also Be Interested In

• China's Z.AI raises $5 billion from new share, convertible bond sales, filing shows
• Swedes vote in election that could usher far right into government
• Russian drone attack injures five in Ukraine's Odesa, officials say