Bessent: Unlikely Supreme Court will overrule tariffs, Trump's 'signature economic policy'

Treasury Secretary Scott Bessent connected Sunday said it's "very unlikely" that the Supreme Court volition overturn President Donald Trump's usage of exigency powers to enforce tariffs, with a imaginable determination from the tribunal looming arsenic aboriginal arsenic this week.

"I judge that it is precise improbable that the Supreme Court volition overrule a president's signature economical policy," Bessent said connected NBC's "Meet the Press." "They did not overrule Obamacare, I judge that the Supreme Court does not privation to make chaos."

In June, the Supreme Court upheld a cardinal Affordable Care Act proviso that acceptable up a sheet to urge preventive attraction services that insurers indispensable supply astatine nary outgo to patients.

Bessent's comments travel 1 time aft Trump said helium would impose a caller slate of tariffs connected goods coming from Europe until "a Deal is reached for the Complete and Total acquisition of Greenland."

Trump did not specify successful his Truth Social post which statute helium was invoking to enforce the tariffs, though the determination appears to reflector the "liberation day" duties helium has imposed connected dozens of nations nether the International Emergency Economic Powers Act.

The Supreme Court is acceptable to regularisation connected Trump's usage of the IEEPA to enforce tariffs earlier the extremity of its term, but a determination could travel arsenic soon arsenic this week. IEEPA gives the president wide latitude to usage economical tools successful effect to an "unusual and bonzer threat."

Bessent said Trump's caller tariffs connected Europe regarding Greenland are a effect to an emergency.

"The nationalist exigency is avoiding a nationalist emergency," Bessent said. "It is simply a strategical determination by the president ... helium is capable to usage the economical mightiness of the U.S. to debar a blistery war."

Trump has agelong sought to get Greenland, the Arctic territory of Denmark, and has ratcheted up his unit run for a U.S. takeover of the land successful caller weeks. Leaders successful Greenland, Denmark and crossed Europe person wide rejected Trump's demands to instrumentality implicit the island.

The Trump medication claims that a U.S. acquisition of Greenland is captious to nationalist information to antagonistic the enlargement of Russia and China successful the region.

CNBC has reached retired to the White House and the Treasury Department to clarify what statute Trump is utilizing to enforce the caller European tariffs.

This communicative is developing. Please cheque backmost for updates.