Meanwhile, on Capitol Hill, Republicans are continuing to iron out their "big, beautiful bill" that includes Trump's sweeping legislative agenda. Plus, top Trump officials, including Homeland Security Secretary Kristi Noem and Treasury Secretary Scott Bessent, are testifying before various committees.

Tariffs on China will remain at their current levels, according to Stephen Miran, a key architect of President Donald Trump’s trade policies. Miran’s comments come at a time when the administration is trying to calm nervous investors but offering mixed signals.