Trump tariffs live updates: Trump says US and China are discussing a deal

Treasury Secretary Scott Bessent said the U.S. is “moving quickly with many of our most important trading partners” and has meetings in coming days with Japan and South Korea.

“So, we had Vietnam in last week. We have Japanese in on Wednesday, South Korea next week. So, it's going to move fast, and we but the important thing for your viewers to know is we're setting up a process, and we are going to run the process,” Bessent said in an interview with Bloomberg TV in Argentina.

It's going to be orderly, and at the end of the day, especially for the most important trade partners, the president is going,” Bessent said.

Pressed on how many countries he expected the U.S. to strike a deal with before the 90-day pause is up, Bessent painted an optimistic, but vague picture.

“ I think there could be numerous countries, and it may not be the actual trade document, but we will have agreement in principle and be able to move forward from there,” Bessent said.

Pressed again for a general sense of how many countries they expected to get a deal with, Bessent again was vague.

“I think it's going to depend, but we're going to move with all deliberate speed. And again, it's going to be a process. It's going to be USTR, who just has mountains of data that they've been collecting over the years. Because, in a funny way, the tariffs are the easiest part. So a country with high tariffs, you can just say, ‘OK, this, this, this, this, get rid of it. It's the non-tariff trade barriers that are more insidious, more difficult to spot, and it's probably going to take a little longer,” he said.

Asked if he would be able to provide clarity once the 90 days are up, Bessent replied, “I think clarity is through the eye of the beholder, but I can guarantee you that we're going to run a robust process, and I think the market can take great comfort in that,” Bessent said.

-ABC News’ Molly Nagle and Hannah Demissie

President Donald Trump said Monday he's considering tariff exemptions on imported components for U.S. auto manufacturers as they switch to parts manufactured in the U.S.

"I'm looking at something to help some of the car companies where they're switching to parts that were made in Canada, Mexico and other places," Trump said. "And they need a little bit of time. Because they're going to make them here. But they need a little bit of time. So I'm talking about things like that."

Tariffs of 25% on vehicles imported into the United States went into effect earlier this month. Tariffs of 25% on imported auto parts, including engines and electrical components, are set to go into effect later.

President Donald Trump said former President Joe Biden allowed China and other countries to "fleece us," but he doesn't blame China.

"I don't blame China. I don't blame Vietnam," he said, referring to meetings on trade between the two countries on Monday.

"I see the meeting today, is that wonderful? That's a lovely meeting. We're meeting, like trying to figure out how do we screw the United States of America?" he said. "Don't forget, the European Union was formed to do just that. The European Union was formed to hurt the United States and -- and on trade, and to get us on NATO because they don't pay their bills."

Asked about the exemptions from tariffs on some electronics that were announced over the weekend, President Donald Trump said he can be flexible but didn't offer any specifics.

"Look, I'm a very flexible person. I don't change my mind, but I'm flexible, and you have to be. You just can't have a wall, and you'll only go, you know, sometimes you have to go around it under it or above it," he said. "There'll be maybe things coming up. I speak to [Apple CEO] Tim Cook. I helped Tim Cook recently, and that whole business. I'm not --I don't want to hurt anybody."

The U.S. Customs and Border Protection announced late Friday night that smartphones, computers, chips and other electronics would be exempted from Trump's reciprocal tariffs.
But Trump and his economic advisers stressed over the weekend that any reprieve would be temporary, with specific tariffs to be imposed on goods put under a new national security classification.