Trump tariffs live updates: Trump says US and China are discussing a deal

Stocks fell Wednesday after Federal Reserve Chairman Jerome Powell said the Fed could face challenges trying to lower inflation and support economic growth.

He also said that "tariffs are highly likely to generate at least a temporary rise in inflation" and "the inflationary effects could also be more persistent."

"Avoiding that outcome will depend on the size of the effects, on how long it takes for them to pass through fully to prices and, ultimately, on keeping longer-term inflation expectations well anchored," he said.

-ABC News' Taylor Dunn

The White House is clarifying on Wednesday that only some products, such as electric vehicles and syringes, from China are tariffed at 245% -- and noted that this is not a new widespread tariff placed on China.

"China now faces up to a 245% tariff on imports to the United States as a result of its retaliatory actions," according to a White House release.

The White House indicated that a 145% tariff on China will be added to Section 301 tariffs, which are product-specific tariffs already placed on China.

President Donald Trump initiated 301 tariffs during his first term, and then-President Joe Biden increased some of those tariffs. For example, Biden placed a 100% tariff on electric vehicles. That, coupled with the new 145% tariff from Trump, brings the total to 245%.

-ABC News' Kelsey Walsh

President Donald Trump announced Wednesday morning that Japanese officials would be coming to the United States to negotiate tariffs and "trade fairness" today. Trump said he will be attending the meeting.

"Hopefully something can be worked out which is good (GREAT!) for Japan and the USA!" Trump wrote on his social media platform Truth Social.

The White House previously indicated that the president would be in on the negotiations alongside Treasury Secretary Scott Bessent, Commerce Secretary Howard Lutnick and U.S. Trade Representative Jamieson Greer.

A representative of China's Ministry of Foreign Affairs said the country has taken "completely reasonable and legal" steps to protect itself against U.S. President Donald Trump's tariffs.

"There is no winner in the tariff war and trade war," ministry spokesman Lin Jian told reporters in Beijing on Wednesday. "China is unwilling to fight, but it is never afraid to fight."

Lin's response followed a question by a reporter about the most recent figures published on the White House's website, which says tariffs on Chinese goods may be up to 245%.

In a fact sheet published Tuesday, the White House said China faces duties that high "as a result of its retaliatory actions."

"China has repeatedly clarified its strict position on the tariff issue," Lin said on Wednesday. "This tariff war was initiated by the United States, and China has taken necessary countermeasures to safeguard its legitimate rights and interests and international fairness and justice, which is completely reasonable and legal."