In a follow-up to President Trump’s State of the Union address, Treasury Secretary Scott Bessent detailed the administration’s plan for the newly imposed 15% tariffs, describing them as a temporary measure designed to transition into more permanent trade structures.
Speaking on NBC with host Kristen Welker, Bessent clarified that while the current rate is temporary, the administration believes it has the legal footing to maintain its trade stance through existing executive authorities.
Addressing the duration of the current 15% rate, Bessent was quick to note the specific legal window the administration is using.
“The 15 is 150-day authority,” Bessent explained. “What we have the ability to do is to do studies and the 301s primarily, but also the 232s can move back up to the previous tariff level.”
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When pressed on why the administration would not seek to codify these rates through a Republican-controlled Congress, Bessent argued that the public has been “misled” about executive power, stating that Congress previously granted the president the necessary authority.
He described the current measures as a “bridge for the 150 days,” after which the U.S. Trade Representative will “switch over to increase 301s” following country-specific studies.
The conversation turned to the legal and financial fallout of these trade policies, specifically the prospect of the government being forced to issue billions in refunds. With FedEx currently suing the administration, Welker questioned if the Treasury was prepared to pay back roughly $134 billion in revenue. Bessent signaled a wait-and-see approach regarding the judicial process.
“We will follow the ruling of the lower court,” Bessent stated repeatedly. He also challenged the motivations of corporations seeking these payouts, suggesting that the “CEO of FedEx… should have him on your show and have him explain how he’s going to get the money back to the consumers if he, in fact, passed those costs along.”
Beyond trade, the Secretary defended the administration’s economic record against criticism that many Americans still feel financial strain.
Bessent pointed to a suite of new tax policies, including the elimination of taxes on tips, overtime, and Social Security, as well as the deductibility of auto loans. He claimed that internal IRS data shows 47% of returns already feature at least one of these “four signature policies.”
Despite recent economic friction, Bessent maintained an optimistic outlook for the coming year, though he placed the blame for previous volatility on political opponents.
“We had a great economy last year. Fourth quarter would have been great if it weren’t for the Democratic shutdown,” Bessent said. He concluded by asserting that the ultimate goal of the administration’s aggressive tariff strategy is simply “to reassure American industry and stop unfair trade practices.”
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