Treasury Secretary Scott Bessent has publicly defended President Trump’s use of the International Emergency Economic Powers Act (IEEPA) to impose tariffs, arguing that the policy has attracted trillions of dollars in foreign investment and significantly boosted U.S. economic growth. Speaking in a statement, Bessent emphasized that the stakes go beyond mere tariff revenue, framing the policy as a driver of reshoring, manufacturing revival, and economic expansion.

Bessent noted that the administration’s use of IEEPA tariffs has led to substantial investment from overseas, citing $1.4 trillion in commitments from the United Arab Emirates in sectors including artificial intelligence and advanced manufacturing. According to Customs and Border Protection data, tariffs implemented under this authority generated over $200 billion in federal revenue by 2026. The Secretary argued that striking down the policy could jeopardize these gains and risk reversing years of economic progress.

The remarks come in response to an ongoing Supreme Court case reviewing the constitutionality of broad IEEPA tariffs, following lower court rulings against the administration. Bessent expressed confidence that the Court will uphold the President’s policy, calling it a “signature economic initiative” that is critical for U.S. competitiveness and job creation.

In addition to defending the current policy, Bessent and senior advisors have outlined contingency plans. If the Supreme Court invalidates the tariffs, the administration is prepared to implement a universal 10 percent tariff, designed to maintain revenue streams while addressing constitutional concerns about executive authority. Economic adviser Kevin Hassett emphasized that such measures would ensure continued investment inflows and protect domestic manufacturing.

Bessent concluded by highlighting the broader impact of Trump’s tariff strategy: “The economy is hot, and one of the reasons is massive overseas investment – and to reiterate, it is the President’s use of IEEPA tariffs which is driving this investment.” The statement underscores the administration’s message that the policy is a central pillar of economic strategy, combining revenue generation, strategic foreign investment, and domestic growth.