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

ABC News Senior Political Correspondent Rachel Scott asked President Donald Trump on Thursday if he believes he has the power to remove Federal Reserve Chairman Jerome Powell and if he is trying to do so.

"I don't think he's doing the job. He's too late, always too late, a little slow, and I'm not happy with him," Trump responded.

Trump said if he asked Powell to leave, "he'll be out of there."

Powell's term doesn't end until 2026. Powell previously said he would not leave even if Trump asked him to resign.

"If I want him out, he'll be out of there real fast, believe me," Trump said.

After talks with Japan and Italy this week, Trump was asked on Thursday if he expects to announce an initial deal with any of these countries soon.

"At a certain point, yeah," Trump said. "We're in no rush. We're in no rush."

The president went on to tout his 25% tariff rate on cars, steel and aluminum as well as the 10% baseline tariff on trade partners. "You know, the United States never got anything until I came along," Trump said.

President Donald Trump predicted he will make a deal with Chinese President Xi Jinping amid the escalating tariff war between the countries.

"I think we're going to make a very good deal with China," the president said during his luncheon with Italian Prime Minister Giorgia Meloni.

The United States raised tariffs on China by 145%. It responded with a 125% tariff on U.S. goods.

He also brushed aside any concern about U.S. allies growing closer to China, saying, "Nobody can compete with us."

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.