Back to today’s briefing

Story perspectives

U.S. Treasury Secretary Bessent Defends Trump's Tariffs Amid Crisis

9/2/2025

49 10 Full Breakdown

Summary

Story summary

U.S. Treasury Secretary Bessent is confident the Supreme Court will uphold Trump's tariffs under the IEEPA, citing the fentanyl crisis.
He is drafting a legal brief to highlight the urgency of trade imbalances and fentanyl imports.
Bessent dismissed concerns about tariffs uniting countries like Russia and India, noting efforts to persuade Europe on tariffs.
He compared current actions to those of George W. Bush during the 2008 financial crisis.

History

Historical Context

The 2008 U.S. financial crisis led President George W. Bush to implement emergency measures, including tariffs, amid a reported $1.2 trillion deficit. This marked a shift towards protectionism reminiscent of the Smoot-Hawley Tariff of 1930, which raised tariffs significantly and worsened the Great Depression. Today, Secretary Bessent's focus on tariffs under the IEEPA aims to address the fentanyl crisis and trade imbalances.

1 of 2

Story summary

U.S. Treasury Secretary Bessent is confident the Supreme Court will uphold Trump's tariffs under the IEEPA, citing the fentanyl crisis.
He is drafting a legal brief to highlight the urgency of trade imbalances and fentanyl imports.
Bessent dismissed concerns about tariffs uniting countries like Russia and India, noting efforts to persuade Europe on tariffs.
He compared current actions to those of George W. Bush during the 2008 financial crisis.

1 / 2