U.S. trade representative Jamieson Greer breaks down the Trump administration’s new tariff announcements, trade policy, negotiations with China over TikTok and more on ‘Kudlow.’
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 Shannon Bream on “Fox News Sunday” 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
Total tariff revenue for fiscal year 2025 climbed to $215.2 billion, according to the Treasury Department. (Brandon Bell / Getty Images)
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
The Supreme Court will hear oral arguments related to Trump’s trade policy on Nov. 5. (Valerie Plesch/picture alliance / Getty Images)
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.
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However, that record-setting momentum will come under scrutiny at the Supreme Court this week.
Trump has previously said he is considering attending the oral arguments. The White House did not respond to Fox News Digital’s request for additional comment.
