U.S. Treasury Secretary Yellen speaks at the DealBook Summit event. AFP=Yonhap News

U.S. Treasury Secretary Scott Yellen stated on the 3rd (local time) that even if the Supreme Court rules that the reciprocal tariffs imposed by U.S. President Donald Trump on various countries are illegal, the administration will continue to pursue a tariff policy with the same structure using alternative means.

According to The New York Times (NYT), Secretary Yellen said at the "2025 DealBook Summit" hosted by the NYT in New York that day, "We can recreate the same tariff structure (as the current reciprocal tariffs) by utilizing Section 301 and Section 122 of the Trade Act, and Section 232 of the Trade Expansion Act."

This is interpreted as a reiteration of the Trump administration's determination not to abandon its tariff policy, even if the Supreme Court deems reciprocal tariffs illegal.

Supreme Court justices largely expressed skeptical views on the Trump administration's reciprocal tariff policy during oral arguments held last month.

When asked if the federal government should implement the tariff measures permanently, Secretary Yellen responded, "It should be permanent."

Section 301 of the Trade Act allows the U.S. to impose broad retaliatory measures, such as tariffs, on trading partners engaging in unfair and discriminatory trade practices, after a period of notice and public comment. Section 122 allows for tariffs of up to 15% for 150 days to address a serious U.S. trade deficit.

Section 232 of the Trade Expansion Act grants the President the authority to restrict imports through appropriate measures, such as tariffs, if an investigation by relevant departments determines that the import of certain items threatens national security.

U.S. President Trump (center) introducing NEC Chairman Hassett (left). Reuters Yonhap News

Meanwhile, Secretary Yellen evaded questions about President Trump's potential nominee for the next Federal Reserve (Fed) chairman, as he oversees the selection process for the next Fed chair.

While major U.S. media outlets have reported that Chairman Hassett is a strong candidate for the next Fed chair, President Trump's recent remarks have further strengthened these speculations.

At a White House event on the 2nd, President Trump pointed to Kevin Hassett, Chairman of the White House National Economic Council (NEC), while introducing attendees and said, "There might be a potential Fed chair here too."

Secretary Yellen commented that it is necessary to establish a residency requirement for the appointment of governors to the 12 regional Federal Reserve Banks that constitute the current Fed system, in order to strengthen representation from those regions.

Secretary Yellen stated, "The regional Fed governors were designed to be individuals from that region," and said they would pursue the establishment of a requirement to limit candidates for regional Fed governor to those who have resided in the jurisdiction of that Reserve Bank for at least three years.

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