Trump will explain tariffs on electronics on Monday

U.S. Trade Representative Jamieson Greer, in his opening statement before the Senate Finance Committee, defended Trump's tariff as the most significant trade policy change since allowing China to join the World Trade Organization.

"These measures are aimed squarely at achieving reciprocity and reducing our massive trade deficit to restore production in the United States," Greer said.

Greer said the trade deficit the U.S. faces is decades in the making and "will not be solved overnight but all of this in the right direction, particularly as we start to negotiate with these countries."

U.S. Trade Representative Jamieson Greer will be testifying on President Donald Trump's trade agenda before the Senate Finance Committee.

Greer will be tasked with defending Trump's tariff policy after days of market fallout, though stocks rose on Tuesday at opening after the Trump administration said it would negotiate with some nations. Greer's appearance before the panel comes one day before the administration's more targeted "reciprocal" tariffs go into effect against nations they've deemed the worst offenders in trade relations with the U.S.

ABC News Chief White House Correspondent Mary Bruce asked Treasury Secretary Scott Bessent on Tuesday morning how soon he thinks deals can be made with other nations as some tariff negotiations begin.

"Well, we have one of the Vietnamese officials coming in this week," Bessent responded. "The Japanese are very eager to get it over and I think you are going to see a couple of big trading partners do deals very quickly."

President Donald Trump on Monday, when asked if his tariffs were negotiable or permanent, told reporters "they can both be true."

"We're going to get fair deals and good deals with every country. And if we don't, we're going to have nothing to do with them. They're not going to be allowed to participate in the United States," Trump said.

Chinese Foreign Ministry spokesperson Lin Jian told reporters Tuesday that President Donald Trump's latest tariff salvo "does not reflect the willingness to have a serious dialogue."

Asked if Beijing would negotiate with Washington in a bid to bring down U.S. tariffs -- now potentially rising to 104% if Trump imposes the additional 50% measures threatened Monday -- Lin said, "If the United States really wants to talk, it should adopt an attitude of equality, respect and reciprocity."

"If the United States ignores the interests of the two countries and the international community and insists on fighting a tariff war and a trade war, China will definitely accompany it to the end," Lin added, as quoted by China's CCTV state media.

Earlier on Tuesday, Lin said there could be "no winner in the trade war and the tariff war, and there is no way out of protectionism."

"Pressure, threats and blackmail are not the right way to deal with China," Lin continued. "China will take necessary measures to resolutely safeguard its legitimate rights and interests."

-ABC News' Karson Yiu