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

In an interview with CNBC, Boeing CEO Kelly Ortberg said China has sent back planes and added that the country has also stopped taking any further deliveries due to tariffs.

"I think we've got two of those already back, and we're bringing the third airplane back. They have, in fact, stopped taking delivery of aircraft due to the tariff environment. We have roughly 50 airplanes in our plan this year going into China. So we're going to be pretty pragmatic with what we do here for those airplanes that haven't been built yet."

The CEO said Boeing does not currently expect any negative cost impacts from the tariffs, but added that its focus is to keep the supply chain healthy and be able to make deliveries.

In the Boeing Q1 earnings call, Ortberg reiterated his remarks to CNBC on customers in China not taking deliveries and said Boeing continues to work with the Trump administration on tariffs.

"It's an unfortunate situation, but we have many customers who want near-term deliveries, so we plan to redirect the supply to the stable demand," Ortberg said. "We're not going to continue to build aircraft for customers who will not take them."

-- ABC News' Clara McMichael, Ayesha Ali, and Sam Sweeney

Speaking before the Institute of International Finance, Treasury Secretary Scott Bessent leveled criticism of the World Bank and International Monetary Fund, urging them to go "back to basics" in their focus as financial institutions, but also offered support, stressing the United States' desire to continue its leadership role.

"America First does not mean America alone. To the contrary, it is a call for deeper collaboration and mutual respect among trade partners," Bessent said. "Far from stepping back, America First seeks to expand U.S. leadership in international institutions like the IMF and World Bank."

The U.S. commitment to the institutions is notable, as some feared the U.S. could walk away from the IMF and World Bank under President Donald Trump.

"The IMF has suffered from mission creep," Bessent said while criticizing the IMF and World Bank.

"The IMF was once unwavering in its mission of promoting global monetary cooperation and financial stability. Now it devotes disproportionate time and resources to work on climate change, gender, and social issues," Bessent said, adding that these are "not the IMF's mission."

This criticism comes one day after the IMF warned that the U.S. and the global economy will be hit hard following Trump's tariffs.

— ABC News' Molly Nagle and Kelsey Walsh

President Donald Trump spoke to reporters at the North Lawn Wednesday morning, continuing his relatively positive tone about tariffs. He said the U.S. is "actively" talking to China and reiterated his confidence that "we are going to have a fair deal with China."

He added that the country was losing "not a billion – a trillion" dollars a day under other presidents, particularly Biden, and that "China got out of control."

"We're going to be able to substantially lower taxes when this is finished," the president said.

"We're not going to be a laughing stock that got taken advantage of by virtually every country in the world," Trump said on tariff negotiations, promising that the country will now be "making money, a lot of money."

In a statement Wednesday, China continued to criticize President Donald Trump's tariffs while emphasizing that threats and coercion "will not work."

"If the U.S. truly wants to resolve issues through dialogue and negotiation, it should stop making threats and resorting to coercion, and engage with China on the basis of equality, mutual respect, and mutual benefit," Chinese FM spokesman Guo Jiakun said. "Saying they want to reach an agreement with China while continuing to apply maximum pressure is not the right way to deal with China, and it will not work."

"The United States' abuse of tariffs is a blatant violation of World Trade Organization rules and harms the legitimate rights and interests of all countries," Jiakun's statement added, calling America's tariffs a "typical act of unilateralism, protectionism, and economic bullying."

– ABC News' Will Gretsky