Trump will explain tariffs on electronics on Monday

President Trump and Israel's Prime Minister Benjamin Netanyahu discussed trade and tariffs in their Oval Office meeting on Monday.

"I can tell you that I said to the president a very simple thing. We will eliminate the trade deficit with the United States. We intend to do it very quickly," Netanyahu told reporters. "We think it's the right thing to do, and we're going to also eliminate, trade barriers, variety of trade barriers that have been put up unnecessarily."

"And I think Israel can serve as a model for many countries who ought to do the same," he said.

As Trump has directed his top Cabinet officials to begin tariff negotiations with Japanese officials, another top Trump adviser has published an op-ed in the Financial Times saying that tariffs are "not a negotiation."

Trump's senior counselor for trade Peter Navarro wrote the op-ed and proclaimed that this is a national emergency, not a negotiation.

"President Trump is always willing to listen. But to those world leaders who, after decades of cheating, are suddenly offering to lower tariffs -- know this: that’s just the beginning," Navarro wrote in the op-ed.

Meanwhile, Treasury Secretary Scott Bessent said on Monday President Trump tasked him and U.S. Trade Representative Jamieson Greer to "open negotiations to implement the President’s vision for the new Golden Age of Global Trade" with Japanese officials after Trump held a call with Japanese Prime Minister Shigeru Ishiba.

-ABC News' Michelle Stoddart

In the middle of a stock market selloff, Speaker Mike Johnson said Americans need to "give the president space" on tariffs and that Trump's strategy is "playing out."

"Do you still trust the president on tariffs? Trillions of dollars in the market have been lost," asked ABC News Correspondent Jay O'Brien.

"We have to give the president space. His strategy is playing out. It's been less than a week, so I think he's owed that," Johnson responded.

Asked if he would support legislation from Republican Rep. Don Bacon to rein in Trump's tariff authority, Johnson said Congress would "weigh in on that," but in tandem with the White House.

"You got to give the president the latitude, the runway, to do what it is he was elected to do, and that is get this economy going again and get our trade properly balanced with other countries. So I think most the American people understand the necessity of that," he said.

-ABC News' John Parkinson, Lauren Peller and Arthur Jones II

Trump would veto a bipartisan bill seeking to rein in his authority to impose tariffs, according to a White House statement sent to Senate Republicans and obtained by ABC News. The veto threat was first reported by Axios.

Republican Sen. Chuck Grassley and Democratic Sen. Maria Cantwell introduced legislation last week that would require the president to notify Congress of new tariffs and require it to vote to approve those tariffs within 60 days of their issuance. The bill has six other Republican cosponsors.

-ABC News' Allison Pecorin and Jay O'Brien