Latest News Updates From Daniel Flatley

Treasury Secretary Scott Bessent said he held a call July 30 with Chinese Vice Premier He Lifeng to lay the groundwork for Xi Jinping’s U.S. visit in September.

The CBO says shifts in U.S. tariff policy may add $1.1 trillion to federal budget deficits over a 10-year period, though exact calculations aren’t yet possible.

Treasury Secretary Scott Bessent said he was “optimistic” that the price of gasoline will abate over the summer driving season, retreating back to $3 a gallon.

Treasury Secretary Scott Bessent said any refunds from tariffs struck down by the Supreme Court would amount to “ultimate corporate welfare,” suggesting he sees no benefit flowing to consumers.

Tariff revenue helped shrink the budget deficit by 17% in the first four months of the fiscal year, as the Supreme Court weighs whether President Trump had the authority to impose most of his duties.

December's deficit was $145 billion, per Treasury Department data. For the first three months of the 2026 fiscal year beginning Oct. 1, the shortfall came in at $602 billion.

Treasury Secretary Scott Bessent’s comments come after Trump and Xi spoke on Nov. 24, their first conversation since the two leaders met in Busan, South Korea, in October.

The deficit for the fiscal year was $1.78 trillion, down from $1.82 trillion in 2024, a drop of 2%, according to figures released by the Treasury Department Oct. 16.

The federal government logged a $1.8 trillion budget deficit for the 2025 fiscal year, little changed from 2024 despite a surge in tariff revenue, according to the Congressional Budget Office.

President Donald Trump said in a social media post that he and Chinese President Xi Jinping would be speaking Sept. 19.