economy
February 21, 2026
Bessent calls on US trade partners to honor tariff agreements
Treasury Secretary Scott Bessent is telling the U.S.’s global trade partners to honor their tariff agreements following the Supreme Court’s decision curbing the administration’s emergency tariff powers.
TL;DR
- Treasury Secretary Scott Bessent is urging U.S. trade partners to honor their tariff agreements.
- This comes after the Supreme Court curtailed the administration's emergency tariff powers.
- Bessent stated tariffs can still be implemented under Sections 232 and 301 of the Trade Act of 1974.
- Embargoes were also mentioned as a 'draconian alternative'.
- President Trump announced plans for a 10% global tariff under Section 122 of the Trade Act of 1974.
- The administration expects tariff revenue to remain virtually unchanged in 2026.
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