If the U.S. Supreme Court ruled against President Donald Trump 's tariffs policy next year, it would cost the U.S. billions, according to Treasury Secretary Scott Bessent .

After a federal appeals court ruled last month that many of Trump's tariffs were illegal, the administration asked the Supreme Court for an expedited ruling in the case .

In a Sunday interview with NBC , Bessent said that if the High Court's ruling came down next summer against Trump's tariffs on foreign countries, the U.S. would have to refund "about half" of the $750 billion to $1 trillion in tariffs he said would have already been collected, which "would be terrible for the treasury."

Newsweek contacted the Treasury Department for comment by email outside normal business hours.

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