MW Bessent dismisses costs of tariffs, but says U.S. would have to give huge refunds if they're overturned

By Mike Murphy

U.S. Treasury Secretary Scott Bessent speaks in the Oval Office on Sept. 5.

Treasury Secretary Scott Bessent on Sunday said the U.S. could end up giving massive refunds if the U.S. Supreme Court finds the Trump administration's tariffs are illegal, and denied that the tariffs are effectively a tax on American consumers.

In an interview on NBC's "Meet the Press," Bessent said he's confident that the tariffs will be upheld by the Supreme Court. But even if they're not, "there are numerous other avenues that we can take," he told host Kristen Welker, though that would "diminish President Trump's negotiating position."

"We would have to give a refund on about half the tariffs, which would be terrible for the treasury," Bessent said, according to a transcript. "If the court says it, we'd have to do it."

Also read: 'This is to gain control of the most powerful agency in government': A look at Treasury Secretary Bessent's essay against the Fed

Bessent also dismissed reports that the Trump administration's tariffs are costing major companies, including Deere & Co. (DE), Nike Inc. $(NKE)$ and the Big Three $(GM)$ $(F)$ $(STLA)$ automakers, billions of dollars.

"And for every John Deere we have companies who are telling us, 'The tariffs have helped our business,'" Bessent said. He did not specify those companies.

Welker pressed him on the issue; "These companies say they're eating the tariffs," she said.

Bessent responded: "So, and again there are numerous companies who are doing the opposite. You know, you're taking these from earnings calls. And on earnings calls they have to give the draconian scenario. There are companies coming out and saying, 'Oh, because of the tariffs we're doing this.'" But American companies are still pledging to raise capital spending, and there's a "record amount" of foreign investment, he argued. "If things are so bad, why was the GDP 3.3%? Why is the stock market at a new high?"

When asked straight up if he would acknowledge that tariffs are a tax on American consumers, Bessent replied: "No, I don't."

More specifically, Bessent brushed off a Goldman Sachs report from August that found 86% of the tariff revenue collected so far has been paid by U.S. businesses and consumers.

"I made a good career of trading against Goldman Sachs," Bessent, a former hedge-fund manager, said.

-Mike Murphy

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September 07, 2025 17:04 ET (21:04 GMT)

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