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

California Gov. Gavin Newsom and Attorney General Rob Bonta announced Wednesday that California is suing the Trump administration to block the president's tariffs.

In the state's 14th lawsuit against the administration in less than 14 weeks, Newsom and Bonta argued tariffs are the responsibility of Congress and alleged Trump invented bogus national emergencies to claim jurisdiction.

In response, White House spokesman Kush Desai said in a statement to ABC News that "Instead of focusing on California's rampant crime, homelessness, and unaffordability, Gavin Newsom is spending his time trying to block President Trump’s historic efforts to finally address the national emergency of our country's persistent goods trade deficits."

"The entire Trump administration remains committed to addressing this national emergency that's decimating America's industries and leaving our workers behind with every tool at our disposal, from tariffs to negotiations," he continued.

Newsom also announced he's looking into his own trade deals with other countries, trying to get California-made products exempt from retaliatory tariffs from other countries.

-ABC News' Alex Stone and Hannah Demissie

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.