Trump will explain tariffs on electronics on Monday

Republican senators on the Senate Finance Committee admonished U.S. Trade Representative Jamieson Greer over President Donald Trump's position against offering exemptions to his sweeping tariffs.

"I'm somewhat disappointed to hear that exclusions of some of these things are-- are being ruled out at this point in time," said Wisconsin Sen. Ron Johnson.

"They're very specific situations that I think you ought to consider exclusions for because, I don't often agree with the members on the other side of the aisle, but in many cases here today, particularly when they're expressing concern about small businesses in their states, I'm hoping ... you and the president are very sensitive about companies potentially going bankrupt by these actions," Johnson continued.

Sen. Thom Tillis, a North Carolina Republican, also largely focused his questions on exemptions.

"Whose throat do I get to choke if this proves to be wrong?" Tillis asked Greer about the sweeping tariffs "alla prima" approach.

"Well, senator, you can certainly always talk to me," Greer said.

-ABC News' Fritz Farrow

Sen. Mark Warner, a Virginia Democrat, said at the Senate Finance Committee hearing with U.S. Trade Representative Jamieson Greer that an unnamed Wall Street executive he spoke to described the market situation on Tuesday as "a good day in hospice."

U.S. stocks rose at opening after days of tumbling, a recouping some losses as the Trump administration says it is beginning to negotiate tariffs with some nations.

Democratic Sen. Maggie Hassan asked U.S. Trade Representative Jamieson Greer if President Donald Trump will reverse course on tariffs if they were to lead to 10% inflation.

"The president is fixed in his purpose," Greer responded as he said trade deficits have persisted for too long.

Hassan then posed another scenario: Would the administration reverse course if the tariffs contributed to a 50% stock market crash? Greer said he took issue with Hassan's hypotheticals, arguing they're "not consistent with the history we have seen with tariffs."

"My hypotheticals are based on the fact that a lot of Americans are looking at their 401(k)s today and wondering how much of a lifestyle change they are going to have to have or whether they're going to be able to retire when they plan to because of the recklessness and haphazard nature of the Trump administration's imposition of tariffs," Hassan said.

U.S. Trade Representative Jamieson Greer was asked what the administration's status is with China as it begins to negotiate with other countries. China said Tuesday it will fight the U.S. taxes "to the end" after announcing its own retaliatory tariffs.

"I see a distinct difference between those countries who have come to us and they said, 'We understand your issues, we understand the deficit, we understand your desire for reciprocity and we want to work with you on this' and the Chinese approach, which has been, 'We are going to retaliate,'" Greer said.

Greer said he doesn't think a deal with China is "in the very near term."