Treasury Secretary Scott Bessent stated Sunday that President Donald Trump’s proposal to subject $2,000 tariff rebate checks to most Americans would require Congress’ approval.
“We will see. We need legislation for that,” Bessent stated on Fox News’ “Sunday Morning Futures” when requested about rebate checks, including that “Those could go out.”
Trump has repeatedly prompt utilizing tariffs to fund rebate checks in current months, together with in a Truth Social put up final weekend. “People that are against Tariffs are FOOLS! … A dividend of at least $2000 a person (not including high income people!) will be paid to everyone,” he wrote. Trump first floated the concept of Americans probably receiving a portion of the tariff revenue in July.
The funds could be “for working families” and would have an revenue restrict, Bessent stated Sunday.
But the Supreme Court might strike down a big chunk of Trump’s tariffs when it decides on the president’s use of an emergency regulation. The court docket appeared deeply involved earlier this month with Trump’s reliance on the regulation, with a number of conservative justices selecting aside the administration’s place.
The tariffs have confronted scrutiny for contributing to increased inflation on client items, although Bessent and others in Trump’s financial group have denied that tariffs are essentially a tax on American consumers.
“I don’t think this ruling is going to go against us, but if it does, what’s (the Supreme Court’s) plan for refunds? Because how is this going to get to consumers? Are they just going to hand some of these importers big windfalls?” Bessent stated Sunday.
“I don’t think the Supreme Court wants to wade into a mess like that,” Bessent added.
The United States has but to signal a commerce take care of China on rare-earth minerals, that are important to making client electronics and army tools, after months of commerce tensions between the 2 sides.
Bessent stated a deal will “hopefully” be accomplished by Thanksgiving after a framework settlement was announced in October. That settlement averted extra 100% tariffs that the US threatened on Chinese items, however provided that Beijing ends present and proposed export controls on important uncommon earths.
Bessent stated Sunday that the settlement would permit uncommon earths to “flow freely as they did before April 4,” when the commerce conflict kicked off due to Trump’s “reciprocal” tariffs.
The longest authorities shutdown in US historical past came to an end Wednesday after Congress narrowly handed a spending package deal.
“Of course the government shutdown set us back,” Bessent stated Sunday.
Bessent didn’t say whether or not he anticipated a weak GDP for the fourth quarter.
The first two quarters of 2026, although, will see inflation down and the true revenue curve “substantially accelerate,” Bessent stated.
“When those two lines cross, Americans are going to feel it,” he stated.
The Trump administration on Friday introduced that many agricultural imports could be exempt from “reciprocal” tariffs as an alternative of charges as excessive as 50% on imports from Brazil or the bottom 10% responsibility imposed on many different international locations, probably offering an answer to rising grocery prices.
Average grocery costs within the US had been 2.7% higher in September in contrast with final yr. Coffee costs, as an example, had been up almost 21% year-over-year in August, and bananas had been about 6.6% more expensive in August than they had been a yr in the past.
“The prices for those goods weren’t necessarily going up just because of tariffs,” National Economic Council Director Kevin Hassett informed ABC’s “This Week” on Sunday. “The prices will go down, of course … because the supply of goods into the US is going to increase.”
The consumer sentiment index fell to 50.3 this month from 53.6 in October, in accordance to the University of Michigan — a sobering signal main into the vacation season.