Trump live updates: Just 37% of Americans approve of president’s handling of the economy, new poll shows

U.S. Treasury Secretary Scott Bessent said the current trade war with China was unsustainable, but warned negotiations would be “a slog”.

Bissent, delivering a private speech for JPMorgan Chase, said formal talks between Beijing and Washington were yet to start.

“I do say China is going to be a slog in terms of the negotiations,” Bessent said according to a transcript obtained by The Associated Press. “Neither side thinks the status quo is sustainable.”

The majority of Americans now fear a recession, new polling shows, while more than half agree Donald Trump’s policies would make a comfortable retirement more difficult.

A Reuters/Ipsos poll found 76 percent of Americans were concerned about a recession, while 52 percent agreed with a statement that the president’s actions would make it hard to retire comfortably.

Just 37 percent approved of Trump’s economic handling, the poll found, as the president conceded ultra-high tariffs on China would fall.

The Food and Drug Administration is halting a quality control program used to test drinking milk following President Trump’s federal workforce cuts.

It’s yet another disruption to the nation’s food safety programs after the termination and departure of 20,000 employees of the Department of Health and Human Services, which includes the FDA, as part of President Donald Trump’s effort to shrink the federal workforce.

From Monday, the agency will suspend its proficiency program for grade “A” raw milk and finished products – the category that meets the highest sanitation standard – according to an internal email seen by Reuters.

Emerging market currencies and stocks also lifted on Wednesday, buoyed by comments from Donald Trump that U.S. tariffs on China would fall.

A wide range of emerging stocks were trading at more than a two-week high, led by Asian markets including Taiwan’s benchmark and South Korea’s Kospi.

A regional stock index for central and eastern Europe also rose 1.1 percent.

Investors were optimistic that tensions between China and the U.S. were easing after Trump indicated tariffs would end up “nowhere near” the current 145 percent.

Global markets were also bolstered by assurance from the president that he would not fire Federal Reserve chair Jerome Powell.

Global share markets mostly rose on Wednesday, showing signs of relief after President Donald Trump indicated he had “no intention” of firing Federal Reserve chair Jerome Powell.

In early trading, Britain’s FTSE 100 rose 1.6 percent to 8,461.24 while Germany’s DAX jumped 2.5 percent to 21,820.14 and France’s CAC lifted 2.1 percent to 7,480.99.

Asian markets also gained, with Japan’s Nikkei 225 rising 1.9 percent to finish at 34,868.63, Hong Kong’s Hang Send surged 2.4 percent to 222,072.62 and Australia’s S&P/ASX rose 1.3 percent to 7,920.50.

U.S. shares were also set to lift further, with Dow futures up 1.5 percent and S&P 500 futures up by 2 percent.

Trump had previously said Powell could be “terminated” soon, but on Tuesday he told reporters: “I have no intention of firing him”.

Donald Trump was pressed by reporters on Tuesday on ideas ot boost birth rates, including the $5,000 baby bonus.

“Sounds like a good idea to me,” Trump said when asked about the cash incentive.

In 2024, there were just under 55 births for every 1,000 women of reproductive age – a slight 1 percent increase on the record low from 2023, but well below previous birth rates.

Trump last month referred to himself as the “fertilization president”, and in February he signed an executive order aimed at expanding affordable access to IVF.

China’s foreign ministry said Beijing doesn’t want a trade war but added the U.S. should stop making threats if it wants a deal.

Asked about president Donald Trump’s comments that work was progressing on a deal to lower tariffs, Chinese foreign ministry spokesperson Guo Jiakun accused the U.S. of continuing to exert “extreme pressure” as it tried to negotiate a deal.

“We don’t want a trade war, but we are not afraid of it. If the US truly wants to resolve issues through dialogue and negotiation, it should stop threatening and blackmailing, and engage in dialogue with China based on equality, mutual respect, and mutual benefit,” he said, according to Chinese state media outlet the Global Times.

Billionaire Elon Musk said that from next month, he will “significantly” reduce his time at the Department of Government Efficiency to one to two days a week.

There are a few key reasons as to why he is stepping back.

Firstly, his 130 days as a special government employee is set to expire at the end of next month. Musk said the major work in setting up the cost-cutting department was mostly done.

He has also clashed with other key advisors to Donald Trump, notably attacking trade advisor and tariff plan architect Peter Navarro.

Another important reason for his pivot away from finding public service savings is to focus on his businesses.

Tesla profits plunged in the first quarter of the year, the company reported on Tuesday, with revenue falling to its lowest level since the third quarter of 2021. Tesla stock is also down about 40 per cent so far this year.

“Starting next month, I’ll be allocating far more of my time to Tesla,” he said.

Donald Trump appeared to walk back his suggestion he could fire Federal Reserve chair Jerome Powell.

“I have no intention of firing him,” Trump told reporters on Tuesday.

Trump has previously insinuated he could fire the central bank chair, threatening last week that Powell faced “termination” soon.

The comments came after Powell said in a speech that the Federal Reserve would take a wait-and-see approach to interest rates in the face of ongoing uncertainty caused by the president’s tariffs.

Trump’s attacks on Powell were seen as a threat to the Federal Reserve’s independence and caused a financial market selloff.

The president has admitted the current 145 percent levy on goods imported from China will fall, but he warned they will not hit zero.

Donald Trump said talks between Washington and Beijing were “doing fine” because “everybody wants to have involvement” but he maintained that China will ultimately be forced to reach an agreement to get the tariffs down.

“Ultimately, they have to make a deal, because otherwise they’re not going to be able to deal in the United States, and we want them involved, but they have to, and other countries have to make a deal, and if they don’t make a deal, we’ll set the deal,” he said on Tuesday.

“We’re going to be setting the deal, and it’ll be a fair deal for everybody and it’ll be — I think it’s a process that’s going to go pretty quickly.”

Asked whether he would drop the tariffs, Trump said: “It’ll come down substantially. But it won’t be zero.”