Bessent Says Tariffs Refunds Would Be Welfare To Corporates

Catenaa, Saturday, February 21, 2026- US Treasury Secretary Scott Bessent said any refunds from tariffs through the Supreme Court would be “ultimate corporate welfare,” as no benefits would flow to US consumers.

“If there is a payout, it’s just going to be the ultimate corporate welfare,” Bessent said on Fox News Friday after the high court’s ruling, which left unanswered the question of what happens with money already collected.

Bessent said litigation over refunds could turn into a months- or years-long process, and “could be a mess.” Earlier Friday, when asked about potential refunds at an Economic Club of Dallas event, the Treasury chief said he had “a feeling the American people won’t see it.”

Companies could be the ones to benefit, he indicated on Fox News. Bessent cited a scenario where a Chinese supplier cut its price for an American importer, with the importer then paying the tariff but keeping the product’s final price tag unchanged. 

Giving the importer a refund would then be a net new benefit for that firm.

Bessent said the amount of revenue affected by the Supreme Court’s decision would be closer to $130 billion than estimates of up to $175 billion.

The court ruled Friday that President Donald Trump could not impose tariffs using a law called the International Emergency Economic Powers Act.

Trump said he would reimpose most of the tariffs using other authorities. Bessent, in a speech earlier Friday, said that revenue collected from tariffs will be “virtually unchanged” in 2026 despite the ruling, thanks to the administration’s backup plan.

The other mechanisms include authorities granted by Congress, known as Section 122, 232, and 301 authorities. Bessent said on Fox News that those methods are “less direct and slightly more convoluted.”