Besent Predicts Massive Losses for the U.S.

Americans will face massive losses if the U.S. Supreme Court rules that the import tariffs are illegal, stated Treasury Secretary Scott Besent. “It will be a huge loss for the American people,” he said during a Fox News broadcast.

Besent also argues that Trump used the tariffs to benefit the American people, “and it would be a massive loss to take them away from them.”

In late August 2025, a U.S. appellate court determined that the International Emergency Economic Powers Act (IEEPA) of 1977 does not grant the president the authority to impose import tariffs. The White House claims such extraordinary powers based on national security concerns. The Supreme Court will decide whether Trump had the right to use this law as the basis for tariff policy affecting dozens of countries. If the Supreme Court finds that the U.S. leader bypassed the proper procedures, the administration will be forced to refund the tariffs paid by importers.