Trump tariffs live updates: US won't drop China tariffs without something 'substantial'

White House press secretary Karoline Leavitt on Tuesday alluded to some progress being made in the trade war with China.

"[The president] wanted me to share with all of you that we're doing very well in respect to a potential trade deal with China," she said at her briefing.

"And the president and the administration are setting the stage for a deal with China. So we feel everyone involved wants to see a trade deal happen. And the ball is moving in the right direction," she said.

ABC News Chief White House Correspondent Mary Bruce pressed Leavitt on what that means, but Leavitt refused to say if Trump has talked directly with Chinese President Xi Jinping.

"I don't have anything to read out on a direct talk between the president and President XI, but we will continue to keep you updated," Leavitt responded.

ABC's Bruce asked Leavitt about reports that Treasury Secretary Scott Bessent told investors he expects the standoff with China to deescalate and what steps the president is considering taking -- but again Leavitt would not elaborate further.

When asked if President Donald Trump still believes in the independence of the Federal Reserve, White House press secretary Karoline Leavitt said Trump is allowed to be displeased with Chairman Jerome Powell and echoed his desire for lower interest rates.

"The president believes that they have been making moves and taking action in the name of politics, rather in the name of what's right for the American economy," Leavitt said of Trump's view on Powell.

"The president has the right to express his displeasure with the Fed and he has the right to say he believes interest rates should be lower. He believes Americans should be able to borrow money cheaper than they currently are right now," she continued.

-ABC News' Kelsey Walsh

White House press secretary Karoline Leavitt discussed the latest in the tariff negotiations with other countries on Tuesday.

She claimed that "18 proposals on paper that have been brought to the trade team."

"We are moving at Trump speed to get these deals made," she said.

New projections released Tuesday by the International Monetary Fund forecast tariffs will hurt global economic growth, and that the U.S. economy will take a bigger hit than other large countries.

The IMF now projects global growth to drop 2.8% in 2025 and 3% in 2026 -- down from 3.3% for both years from its January 2025 report.

"The global economic system under which most countries have operated for the last 80 years is being reset, ushering the world into a new era," wrote Pierre-Olivier Gourinchas, the fund's economic counselor.

The U.S. economy is expected to grow at 1.8% in 2025 -- down from 2.7% when the fund's last forecasts were published in January.

The Chinese economy is expected to suffer to a lesser extent. The fund cut its growth forecasts for this year to 4% from 4.6% for China, and projects eurozone growth at 0.8%, down from the previous forecast of 1%.

-ABC News' Zunaira Zaki