Market Voices: Bessent on tariff refunds, NY Fed on jobs, BRICS summit

[US Trade policy - Tariffs]

_Seeking Alpha's roundup of announcements, statements, and remarks that could impact markets, sectors, or individual stocks. _

* Treasury Secretary Scott Bessent said the U.S. will have to issue billions of dollars in refunds if the U.S. Supreme Court rules the Trump administration's tariffs are invalid.

"We would have to give refunds on about half of the tariffs, which would be terrible for the Treasury," Bessent said in an interview with NBC's Meet the Press on Sunday [https://www.nbcnews.com/meet-the-press/video/sec-scott-bessent-calls-for-good-data-after-weak-jobs-report-full-interview-246995013646]. "If the court says so, we have to do it."

* A monthly survey of consumer expectations by the Federal Reserve Bank of New York indicated workers are losing confidence in the job market.

"The mean perceived probability of finding a job if one’s current job was lost fell markedly by 5.8 ppt to 44.9 percent, the lowest reading since the start of the series in June 2013," the bank said in a statement [https://www.newyorkfed.org/microeconomics/sce#/].

"Mean unemployment expectations—or the mean probability that the U.S. unemployment rate will be higher one year from now—increased by 1.7 ppt to 39.1 percent," the bank added.

* China's President Xi Jinping and Russia's President Vladimir Putin will participate in an online summit of BRICS members on Monday to discuss U.S. trade policy.

The meeting is being convened by Brazil's President Luiz Inacio Lula da Silva. India's Prime Minister Narendra Modi will not be personally participating in the event, according to Bloomberg [https://www.bloomberg.com/news/articles/2025-09-08/xi-and-putin-to-take-part-in-brics-trade-summit-without-modi?sref=Hh2p8mzs].

"At the invitation of Brazilian President Lula, President Xi Jinping will attend the BRICS Leaders' Online Summit via video in Beijing on September 8 and deliver an important speech," China's Foreign Affairs Ministry said in a statement. [https://www.fmprc.gov.cn/web/wjdt_674879/wsrc_674883/202509/t20250907_11703913.shtml]

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