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

Senior administration officials on Thursday morning outlined that President Donald Trump and Italian Prime Minister Giorgia Meloni's working meeting will focus on trade, defense shipping, Italy's role in the India-Middle East-Europe Economic Corridor and "unleashing American energy exports to the rest of the world."

Asked by reporters what Italy can do to facilitate a trade agreement with the United States, senior administration officials said they didn't want to get ahead of the president, but one said Trump's expectation for all nations working on a deal is "a true partnership and give access to the world's markets on behalf of the American manufacturing and work base."

"Again, not getting ahead of their discussions, but certainly the president will reemphasize his expectation for Italy and all of Europe to do their part to be good trade partners with the U.S.,” the official said.

-ABC News' Hannah Demissie and Kelsey Walsh

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