Treasury Secretary Scott Bessent said Friday the Trump administration expects U.S. tariff revenue to remain “virtually unchanged” in 2026, even after the Supreme Court struck down President Donald Trump‘s sweeping “reciprocal” import duties.
The ruling invalidated billions of dollars in tariffs under the International Emergency Economic Powers Act (IEEPA) and could require the government to refund an estimated $130–175 billion in collected revenue, although the high court did not weigh in on the matter.
“So, they haven’t told us that we do have to repay it … But, we’ll see whether we have to repay,” Bessent said in an interview with CBS News Texas.
“The full amount that we took in last year was about $130 billion. Treasury has more than $900 billion cash on hand,” he added.
Breaking Down US Trade Tariffs
Bessent noted that the U.S. government “is not allowed to collect funds,” though the president retains the power to implement an embargo.
He said the administration has filed for a Section 122 global tariff through U.S. Trade Representative Jamieson Greer. The provision allows the U.S. to impose a 10% tariff on imports from any country for up to five months. The new tariff will take effect in three days and will be applied in addition to existing Section 232 and Section 301 tariffs, which cover autos, steel, and certain trade practices.
IEEPA tariffs are based on the president’s emergency powers and are meant to respond quickly to foreign threats or national crises. In contrast, Section 122, 232, and 301 tariffs come from established trade statutes. Section 122, a never-used law, allows short-term tariffs to address trade imbalances. Section 232 targets imports that threaten national security, and Section 301 is used to counter unfair trade practices by specific countries or industries.
“About half the income that Treasury took in last year was from the IEEPA tariffs, and about half was from the 232 and 301 tariffs,” Bessent said. He added that the Section 122 tariffs are expected to offset revenue previously collected under IEEPA, giving the Commerce Department and the Office of the U.S. Trade Representative time to conduct studies that could potentially support adjustments to tariffs under Sections 232 and 301.
“At Treasury, we believe that the 2026 tariff revenue will be virtually unchanged,” he said.
Trump Furious Over Ruling, Vows To Stick To Policies
Meanwhile, Trump on Friday railed against the Supreme Court justices who ruled 6-3 over his use of tariffs, calling them a “disgrace to the nation.”
At a press conference, Trump deemed them “fools and lap dogs,” saying he was “ashamed” of certain members of the court. He also accused the majority of being “very unpatriotic and disloyal to our Constitution” and suggested the court had been “swayed.” Trump had appointed two of the justices who sided against him— Neil Gorsuch and Amy Coney Barrett.
In a series of posts on Truth Social on Friday, the U.S. leader continued criticizing the decision and vowed to pursue other legal avenues to keep his trade policies in place.
“Their decision was ridiculous but, now the adjustment process begins, and we will do everything possible to take in even more money than we were taking in before!” Trump said.
Image via Shutterstock
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