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

President Donald Trump and Italian Prime Minister Giorgia Meloni fielded several questions from reporters during their lunch at the White House. Both expressed optimism that a deal will be reached between the United States and the European Union before the end of Trump's 90-day pause on higher tariffs against dozens of trade partners.

"There'll be a trade deal, 100%," Trump said. "They want to make one very, very much. We're going to make a trade deal -- I fully expect it, but it'll be a fair deal."

The U.S. has imposed a 10% tariff rate on the European Union after Trump paused the 20% higher, "reciprocal" tariff rate against member nations. The EU has also temporarily suspended its retaliatory 25% tariffs against U.S. imports.

Italy's Meloni was asked if the retaliatory tariff against the U.S. would still be on the table if an agreement isn't reached with Trump.

"I'm sure we can make a deal," she replied.

President Donald Trump greeted Italian Prime Minister Giorgia Meloni outside the White House at noon.

Trump shook Meloni's hand and said he is "very confident" that he could make a trade deal with the European Union.

The two will have lunch before a bilateral meeting in the Oval Office.

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