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

Sen. Mitch McConnell, R-Ky., told ABC News' Jay O'Brien he's not convinced President Donald Trump's tariffs are "the best way to go" during a gathering in Kentucky on Thursday.

"Put me down as not yet convinced that this is the best way to go, but we'll see. Maybe it will turn out the way that the president would like for it to turn out, but that is unfolding as we speak," he said.

McConnell noted he's "never been a tariff enthusiast."

"As you know, the administration has a different approach. Let me just tell you I hope that it succeeds," he continued.

-ABC News' Allison Pecorin

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."