Copyright Fox Business
Treasury Secretary Scott Bessent said Sunday he is "optimistic" ahead of this week’s Supreme Court arguments in a case that could determine the fate of President Donald Trump's trade agenda. When asked by Fox News Sunday’s Shannon Bream about the possibility that the Supreme Court might rule against the administration, Bessent said, "We will cross that bridge when we come to it." TRUMP TARIFF REVENUES SOAR AS SUPREME COURT WEIGHS CHALLENGE TO LEGALITY On Wednesday, the nation's highest court will hear the cases, Learning Resources, Inc. v. Trump and Trump v. V.O.S. Selections, which were consolidated due to their similarity. Learning Resources is an educational-toy manufacturer and V.O.S. Selections is a family-owned wine and spirits importer and distributor. Both cases center on the same legal question, whether the president had authority under the International Emergency Economic Powers Act (IEEPA) to impose the tariffs and whether doing so violated the Constitution’s separation of powers. TRUMP DEFENDS TARIFFS, SAYS US HAS BEEN ‘THE KING OF BEING SCREWED’ BY TRADE IMBALANCE Meanwhile, the tariffs have generated soaring revenue for the federal government. For the full fiscal year 2025, total duty revenue reached $215.2 billion, according to the Treasury Department’s "Customs and Certain Excise Taxes" report released on Sept. 30. Those tariff revenues rose steadily from $17.4 billion in April to $23.9 billion in May, before climbing to $28 billion in June and reaching $29 billion in July. That momentum was carried into August and September, when the government collected back-to-back record-breaking monthly revenues totaling $62.6 billion. CLICK HERE TO GET FOX BUSINESS ON THE GO However, that record-setting momentum will come under scrutiny at the Supreme Court this week.
