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

President Donald Trump criticized Federal Reserve Chairman Jerome Powell for not lowering interest rates sooner and said his termination cannot come "fast enough!"

In a new social media post, he called the Fed's report a complete "mess!"

The president also touted what he believes is his administration's success, writing: "Oil prices are down, groceries (even eggs!) are down, and the USA is getting RICH ON TARIFFS."

Trump has long been critical of Powell, but this is the first time he's set the groundwork for a potential termination.

Powell said Wednesday that it is "highly likely" Trump's tariffs will lead to "at least a temporary rise in inflation."

-ABC News' Kelsey Walsh

President Donald Trump is hosting Italian Prime Minister Giorgia Meloni at the White House on Thursday.

The two will hold a bilateral meeting in the Oval Office at 1:05 p.m.

The talks are likely to focus on tariffs, and Meloni is the first European leader to meet with Trump since he imposed tariffs on the European Union. Meloni, Italy's right-wing premier, has come to be called a Trump "whisperer" and attended his inauguration in January.

The president posted a small update on Truth Social after negotiations with Japanese officials took place at the White House over tariffs, but provided no other details.

"A Great Honor to have just met with the Japanese Delegation on Trade. Big Progress!" Trump wrote.

-ABC News' Hannah Demissie

California Gov. Gavin Newsom and Attorney General Rob Bonta announced Wednesday that California is suing the Trump administration to block the president's tariffs.

In the state's 14th lawsuit against the administration in less than 14 weeks, Newsom and Bonta argued tariffs are the responsibility of Congress and alleged Trump invented bogus national emergencies to claim jurisdiction.

In response, White House spokesman Kush Desai said in a statement to ABC News that "Instead of focusing on California's rampant crime, homelessness, and unaffordability, Gavin Newsom is spending his time trying to block President Trump’s historic efforts to finally address the national emergency of our country's persistent goods trade deficits."

"The entire Trump administration remains committed to addressing this national emergency that's decimating America's industries and leaving our workers behind with every tool at our disposal, from tariffs to negotiations," he continued.

Newsom also announced he's looking into his own trade deals with other countries, trying to get California-made products exempt from retaliatory tariffs from other countries.

-ABC News' Alex Stone and Hannah Demissie