Senate Democrats are unveiling a bill to have the government refund about $175 billion in Trump-era tariff money after the Supreme Court ruled that President Donald Trump's emergency tariffs were illegal. The bill from Senators Ron Wyden, Ed Markey, and Jeanne Shaheen would order Customs and Border Protection to issue refunds within 180 days and pay interest. The bill prioritizes small businesses. It also urges big companies to pass refunds along to customers. The Supreme Court announced its 6–3 on Friday, but it gives little guidance on refunds. Trump says refunds could be tied up in courts for years.

A hearing with Treasury Secretary Scott Bessent turned chaotic Wednesday as Democratic lawmakers clashed with him over fiscal policy and Trump family conflicts. The hearing of the House Financial Services Committee featured fiery exchanges and insults from Bessent. Texas Rep. Sylvia Garcia snapped at Bessent for demeaning comments, while Massachusetts Rep. Stephen Lynch expressed frustration with his interruptions. California Rep. Maxine Waters asked if someone could "shut him up." Experts say it was an unusual level of combativeness for a treasury secretary, whose role typically avoids political theater. Bessent is set to appear before the Senate Banking Committee on Thursday.

President Donald Trump says he has decided to lower his combined tariff rates on imports of Chinese goods to 47% after talks with Chinese leader Xi Jinping on curbing fentanyl trafficking. Meantime his treasury secretary says China has agreed to purchase 25 million metric tons of US soybeans annually as part of a Trump-Xi agreement. Trump's aggressive use of tariffs since returning to the White House for a second term combined with China's retaliatory limits on exports of rare earth elements gave the meeting newfound urgency. Trump told reporters he decided to reduce the current rate from 57% after the talks.

President Donald Trump has narrowed down his list of potential candidates to lead the Federal Reserve to four people. On Tuesday, Trump ruled out Scott Bessent, saying the Treasury Secretary prefers to stay in his current role. Trump mentioned Kevin Warsh and Kevin Hassett as two of the candidates during an interview. Warsh, a former Fed governor, has been critical of current Fed policies. Hassett, director of the National Economic Council, has supported Trump's agenda. Trump did not reveal the other two candidates. The decision comes after Fed Governor Adriana Kugler announced her resignation last Friday.