Here's a classic Washington maneuver: when asked a direct question about $134 billion, change the subject to corporate greed. That's essentially what Treasury Secretary Scott Bessent did in a post-State of the Union interview, refusing to commit to issuing massive tariff refunds while slamming the companies asking for their money back.

Following President Donald Trump's 2026 State of the Union address, Bessent addressed the growing legal and financial fallout from a recent Supreme Court ruling that clipped the administration's wings on tariffs. When NBC News' Kristen Welker pressed him on whether the government would return an estimated $134 billion in revenue to impacted companies, Bessent did what any good bureaucrat does: he pointed to procedure.

“We will follow the ruling of the lower court,” Bessent stated, emphasizing a 42-day waiting period before further action. But he quickly pivoted from legal process to populist rhetoric, suggesting that returning the funds would not benefit the public. It's the financial version of "I'm not saying no, I'm just not saying yes, and also I think you're being greedy."

The 'Ultimate Corporate Welfare' Attack

Bessent then took aim at the companies lining up for refunds, specifically calling out shipping giant FedEx Corp. (FDX), which has sued the administration. He challenged the motives of large firms, essentially framing their pursuit of money as a drain on the Treasury.

“I think all these corporations should come out and tell everyone… how [they are] going to get the money back to the consumers if [they], in fact, passed those costs along,” Bessent said.

In his sharpest critique, he reportedly labeled these corporate lawsuits the "ultimate corporate welfare." It's a clever rhetorical flip: turning a demand for repayment of what companies argue are illegally collected funds into a request for a handout. The message is clear: the administration sees this as corporations trying to get a government check, not as a matter of legal restitution.

Building A Legal 'Bridge'

So what's the plan while this all gets sorted out? Bessent outlined a "bridge" strategy to maintain economic momentum despite the Supreme Court ruling. The administration plans to use Section 122 authority for 150 days while the U.S. Trade Representative conducts new studies. Bessent asserted this maneuver would keep tariff income "virtually unchanged" for 2026.

He remained defiant toward critics, maintaining that the administration's primary goal is to "reassure American industry and stop unfair trade practices," regardless of the mounting legal pressure from the private sector. In other words: we're going to keep collecting this money one way or another while we figure out the legal details.

Where The Markets Stand

Meanwhile, the markets in 2026 are showing mixed signals. As of Tuesday's close, the Dow Jones index was up 1.64% year-to-date, while the S&P 500 was 0.46% higher. The Nasdaq Composite index, however, was down 1.60% for the year.

The SPDR S&P 500 ETF Trust (SPY) and Invesco QQQ Trust ETF (QQQ), which track the S&P 500 and Nasdaq 100 indices respectively, both closed higher on Tuesday. The SPY was up 0.73% at $687.35, while the QQQ advanced 1.07% to $607.82.

The takeaway? While Bessent and corporate America fight over $134 billion, the broader market seems to be taking it all in stride—for now.