Trump will explain tariffs on electronics on Monday

Commerce Secretary Howard Lutnick said the administration has "so many countries to to talk to" on potential deals, though he didn't share details or specifics.

"I'm not sure we could ever have enough time in the day to talk to all these countries because they want to talk and they want to talk now," Lutnick said. "And they have come with offers that they never, ever, ever would have come with but for the moves that the president has made, demanding that people treat the United States with respect."

"We're getting the respect we deserve now. And I think you're going to see historic deals one after the other," Lutnick said.

A new estimate from Yale Budget Lab released Thursday said tariffs will cost households an average of $4,700 annually.

The researchers also said consumers face an overall average effective tariff rate of 25.3%, the highest since 1909.

-ABC News' Zunaira Zaki

Meeting with his Cabinet at the White House, Trump took a moment to defend his economic agenda after tariff confusion and changes.

"We think we're in very good shape. We think we're doing very well. Again there will be a transition cost, transition problems, but in the end it's going to be a beautiful thing," Trump said. "We're doing, again, what we should have done many years ago. We let it get out of control, and we allowed some countries to get very big and very rich at our expense. And I'm not going to let that happen."

President Donald Trump raised the tariffs on all Chinese exports to 125% on Wednesday, after Beijing's latest round of retaliation.

That new tariff comes in addition to the 20% fentanyl-related tariffs that the president placed on China in early February, which brings the total Trump tariff rate on China to a whopping 145%, according to the White House.

-ABC News' Mary Bruce