National Economic Council Director Kevin Hassett said Sunday that the Trump administration expects the US Supreme Court to rule in its favor in a case that challenges the legality of President Trump’s tariffs.
The court’s decision could not only invalidate most of the new tariffs, but possibly force the government to issue refunds of up to $100 billion, which Hassett told Face the Nation would create major administrative problems.
Hassett also said he thinks the $2,000 tariff rebate checks President Trump has floated seem much more likely to happen. “In the summer, I wasn’t so sure that there was space for a check like that, but now I’m pretty sure that there is,” he said, adding he expects the president to bring a formal proposal to Congress in the new year.
Meanwhile, Trump announced a $1,776 “warrior dividend” payment to nearly 1.5 million US service members in an address last week.
Trump did not say how the program would be enacted or funded. But even before the “warrior dividend,” Trump had floated at least nine different plans for how revenue from his tariffs could be spent, according to an analysis from Yahoo Finance’s Ben Werschkul.
In addition to the $2,000 tariff dividend checks, the promises included paying for the tax cuts that Republicans instituted over the summer.
But after lifting some tariffs on items like coffee, oranges, and cocoa, monthly tariff revenues dropped, from $31.35 billion received in October to $30.76 billion last month. That marks the first decrease since Trump began implementing the duties.
Read more: What Trump’s tariffs mean for the economy and your wallet
-
The office of Canadian Prime Minister Mark Carney said on Thursday that Canada and the US will launch formal discussions to review their free trade agreement in mid-January. But discussions on key sectors was unlikely, with Carney saying the issue would be covered in a planned review of the United States-Canada-Mexico (USMCA) trade pact next year.
-
Trump gave the green light for Nvidia (NVDA) to sell some of its more powerful H200 chips to China. The US president said that China’s Xi Jinping had responded “positively” to the move.
-
Several US companies, such as Costco (COST), have filed lawsuits and claims to the US government for tariff refunds in the belief Trump’s tariffs will be struck down by the US Supreme Court. If the courts rule against Trump’s tariffs, the president may be forced to repay billions of dollars in collected revenue from imports.
LIVE 177 updates
-
Hassett ‘pretty sure’ $2K tariff rebate checks will be possible
National Economic Council Director Kevin Hassett said Sunday that the Trump administration expects the US Supreme Court to rule in its favor in a case that challenges the legality of President Trump’s tariffs, Bloomberg reports. If the court finds the tariffs are illegal, it could trigger refunds that would create an “administrative problem,” Hassett added during an interview on “Face the Nation.”
-
-
-
-
-
-
Nike shares slump as tariffs and China struggles continue
Bloomberg News reports:
-
-
-
-
-
-
-
-
-
-
-
-
-
