In an interview with CNBC on Friday, Hassett stated the White House expects to win, but it is ready in case of an adverse ruling.
- Hassett added that the White House could leverage other legal authorities to compensate for an adverse ruling “basically immediately.”
- He added that the U.S. Trade Representative, Jamieson Greer, has also been helping in devising contingency plans.
- President Trump touted earlier this week that the U.S. will soon receive more than $600 billion in tariffs.
The U.S. Supreme Court will not issue a ruling on President Donald Trump’s tariffs on Friday, with the apex court issuing only one decision involving a criminal case.
However, the White House is ready in case of an adverse ruling. In an interview with CNBC on Friday, National Economic Council Director Kevin Hassett said that the Trump administration could use alternative measures to arrive at the “same place” in terms of the deals that the United States has struck with other countries.
“There are a lot of other legal authorities that can reproduce the deals that we’ve made with other countries, and can do so basically immediately. And so our expectation is that we’re going to win, and if we don’t win, then we know that we’ve got other tools that we could use that get us to the same place,” Hassett said
Meanwhile, U.S. equities gained in Friday morning trade. At the time of writing, the SPDR S&P 500 ETF (SPY), which tracks the S&P 500 index, was up by 0.43%, the Invesco QQQ Trust ETF (QQQ) rose 0.49%, while the SPDR Dow Jones Industrial Average ETF Trust (DIA) gained 0.38%. Retail sentiment around the S&P 500 ETF on Stocktwits was in the ‘bullish’ territory.
Greer Involved In Devising Contingency Plans
Hassett added that the U.S. Trade Representative, Jamieson Greer, has also been helping in devising contingency plans.
“There was a big call last night with all the principals to talk about if the Supreme Court were to rule against this IEEPA tariff, what would the next step be?” Hassett said in the interview, referring to the International Emergency Economic Powers Act that has been used by the Trump administration to levy tariffs.
Speaking at an event hosted by the Atlantic Council in December, Greer expressed confidence that the U.S. has tools to address unfair trade practices and generate the revenues it needs, according to a Reuters report.
Trump Touts Tariff Collections
Earlier this week, President Trump touted that the U.S. will soon receive more than $600 billion in tariffs.
“We have taken in, and will soon be receiving, more than 600 Billion Dollars in Tariffs, but the Fake News Media refuses to talk about it because they hate and disrespect our Country, and want to interfere with the upcoming Tariff decision,” he said in a post on Truth Social, calling the decision among the most important ones in the apex court’s history.
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