January to Bring SCOTUS Ruling and Fed Chair Nomination, According to Bessent
U.S. Treasury Secretary Scott Bessent joins ‘Mornings with Maria’ to warn that the SCOTUS ruling could impact national security, discuss President Donald Trump’s Fed chair search, and outline how tariffs, tax refunds, and growth plans will shape 2026.
Treasury Secretary Scott Bessent stated on Tuesday that two pivotal decisions—the Supreme Court ruling on tariffs and the selection of a new Federal Reserve chair—are expected in January.
During an interview with FOX Business Network’s Maria Bartiromo, Bessent emphasized that while the administration has “plenty of revenue alternatives,” he hopes the Supreme Court will support President Donald Trump’s trade policy. He remarked, “Economic security is national security. So this ruling is really a national security ruling, and if they rule against the administration, they will be ruling against national security.”
TRUMP DEFENDS TARIFFS, SAYS US HAS BEEN ‘THE KING OF BEING SCREWED’ BY TRADE IMBALANCE
Treasury Secretary Scott Bessent visits “FOX & Friends” on Nov. 12, 2025, in New York City. (John Lamparski/Getty Images / Getty Images)
Two cases, which Trump has labeled “life or death” for the U.S., have compelled the nation’s highest court to examine the extent of presidential authority in reshaping U.S. trade policy. The lawsuits—Learning Resources Inc. v. Trump and Trump v. V.O.S. Selections Inc.—were initiated by an educational toy manufacturer and a family-owned wine and spirits importer contesting Trump’s tariffs.
Both cases hinge on a crucial question: does the International Emergency Economic Powers Act (IEEPA) grant the president the authority to impose tariffs, or does this action overstep constitutional boundaries?
TRUMP SAYS SUPREME COURT CASE ON TRADE IS ‘LIFE OR DEATH’ FOR THE US
President Donald Trump announced his “Liberation Day” reciprocal tariffs in April. (Brendan Smialowski/AFP/Getty Images)
Tariffs are essentially taxes imposed by the government on imported goods. While companies pay these taxes at the border, they often pass the additional costs onto consumers, meaning that the public ultimately bears much of the financial burden.
Since Trump introduced his “Liberation Day” tariffs in April, total duty revenue has reached $215.2 billion for the fiscal year 2025, which concluded on September 30, according to the Treasury Department’s report on “Customs and Certain Excise Taxes.” This revenue trend has continued into the new fiscal year, with the government collecting $71 billion in duties since October 1.
Bessent also highlighted that, in addition to tariff policy, Trump is currently interviewing candidates to lead the Federal Reserve. A LOOK AT THE UNFOLDING BATTLE BETWEEN TRUMP AND POWELL OVER FED POLICY
Two candidates are in contention for this influential role: Kevin Hassett and Kevin Warsh. Bessent noted that Trump has been “very deliberate” and “very direct” during the interview process for the central bank’s top position. “We had an interview last week. We may have one or two more interviews this week and next week,” he added.
National Economic Council Director Kevin Hassett (L) and former Federal Reserve Governor Kevin Warsh. (Anna Moneymaker/Tierney L. Cross/Bloomberg/Getty Images / Getty Images)
Hassett serves as Trump’s chief economic advisor, while Warsh is a former Morgan Stanley banker who previously held a position on the Federal Reserve Board of Governors.
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Bessent expressed that he has known both candidates for over 20 years, asserting that both Hassett and Warsh are equally qualified for the role. Federal Reserve Chairman Jerome Powell, who was nominated by Trump in 2017, is set to complete his term in May 2026, when the next chair will take over.
U.S. Treasury Secretary Scott Bessent joins ‘Mornings with Maria’ to warn that the SCOTUS ruling could impact national security, discuss President Donald Trump’s Fed chair search, and outline how tariffs, tax refunds, and growth plans will shape 2026.
Treasury Secretary Scott Bessent stated on Tuesday that two pivotal decisions—the Supreme Court ruling on tariffs and the selection of a new Federal Reserve chair—are expected in January.
During an interview with FOX Business Network’s Maria Bartiromo, Bessent emphasized that while the administration has “plenty of revenue alternatives,” he hopes the Supreme Court will support President Donald Trump’s trade policy. He remarked, “Economic security is national security. So this ruling is really a national security ruling, and if they rule against the administration, they will be ruling against national security.”
TRUMP DEFENDS TARIFFS, SAYS US HAS BEEN ‘THE KING OF BEING SCREWED’ BY TRADE IMBALANCE
Treasury Secretary Scott Bessent visits “FOX & Friends” on Nov. 12, 2025, in New York City. (John Lamparski/Getty Images / Getty Images)
Two cases, which Trump has labeled “life or death” for the U.S., have compelled the nation’s highest court to examine the extent of presidential authority in reshaping U.S. trade policy. The lawsuits—Learning Resources Inc. v. Trump and Trump v. V.O.S. Selections Inc.—were initiated by an educational toy manufacturer and a family-owned wine and spirits importer contesting Trump’s tariffs.
Both cases hinge on a crucial question: does the International Emergency Economic Powers Act (IEEPA) grant the president the authority to impose tariffs, or does this action overstep constitutional boundaries?
TRUMP SAYS SUPREME COURT CASE ON TRADE IS ‘LIFE OR DEATH’ FOR THE US
President Donald Trump announced his “Liberation Day” reciprocal tariffs in April. (Brendan Smialowski/AFP/Getty Images)
Tariffs are essentially taxes imposed by the government on imported goods. While companies pay these taxes at the border, they often pass the additional costs onto consumers, meaning that the public ultimately bears much of the financial burden.
Since Trump introduced his “Liberation Day” tariffs in April, total duty revenue has reached $215.2 billion for the fiscal year 2025, which concluded on September 30, according to the Treasury Department’s report on “Customs and Certain Excise Taxes.” This revenue trend has continued into the new fiscal year, with the government collecting $71 billion in duties since October 1.
Bessent also highlighted that, in addition to tariff policy, Trump is currently interviewing candidates to lead the Federal Reserve. A LOOK AT THE UNFOLDING BATTLE BETWEEN TRUMP AND POWELL OVER FED POLICY
Two candidates are in contention for this influential role: Kevin Hassett and Kevin Warsh. Bessent noted that Trump has been “very deliberate” and “very direct” during the interview process for the central bank’s top position. “We had an interview last week. We may have one or two more interviews this week and next week,” he added.
National Economic Council Director Kevin Hassett (L) and former Federal Reserve Governor Kevin Warsh. (Anna Moneymaker/Tierney L. Cross/Bloomberg/Getty Images / Getty Images)
Hassett serves as Trump’s chief economic advisor, while Warsh is a former Morgan Stanley banker who previously held a position on the Federal Reserve Board of Governors.
CLICK HERE TO GET FOX BUSINESS ON THE GO
Bessent expressed that he has known both candidates for over 20 years, asserting that both Hassett and Warsh are equally qualified for the role. Federal Reserve Chairman Jerome Powell, who was nominated by Trump in 2017, is set to complete his term in May 2026, when the next chair will take over.
