Trump will explain tariffs on electronics on Monday

Senate Majority Leader John Thune signaled that it’s unlikely he’ll bring up the Grassley-Cantwell tariff bill for a vote in the Senate following Trump's veto threat earlier Monday.

"I don't think that has a future,” he said of the bill. “The president has indicated he would veto it. I don't see how they would get it on the floor in the House, so at this point we are kind of just waiting to see what happens next.

Thune said he hasn't yet had many conversations with his conference about the legislation. So far, seven Republicans are backing the bill, but that would not be enough to pass it and is far short of a veto-proof majority.

"My assumption is that it will probably be a subject of conversation at some point. But at this point right now, I think most people like here, like most Americans, are watching and waiting to see what the ultimate policy implementation will be with respect to the tariffs," he said.

Thune said that while he recognizes concerns about the market, he wants to let the current tariff policy play out.

"Everybody's concerned about the market, for sure, and people, a lot of Americans, obviously, have retirement plans, mutual funds, 401(k)s, IRAs that are invested in the market," Thune said. "I expected there was going to be some turbulence in the stock market, I think everybody did. This was a change in policy, a consequential one, but I think we've got to let it play out and see what ultimately happens, not only in the near term but in the long term. And I think the administration, my expectation will be, that they'll, as they examine it, make some decision too about how to implement that policy in the long term."

-ABC News’ Allison Pecorin

In floor remarks Monday afternoon, Minority Leader Chuck Schumer called on Trump to reverse course on tariffs as concerns about a recession grow.

"If a recession does happen, it'll be known as the Trump recession. I urge the President to back off from his disastrous tariffs immediately," Schumer said. "He should put down the golf clubs and pick up the papers because the disaster he has created is anything but great."

Schumer also urged Senate Majority Leader John Thune to lead passage of legislation to rein in Trump's tariff authority.

"Congress must immediately take back power from Donald Trump before he causes more damage to the economy. Thune has a responsibility to listen to American families worried about the price of groceries worried about their retirement worried about keeping their jobs worried about the future," Schumer said.

-ABC News' Allison Pecorin

White House officials have been inconsistent on whether the tariffs are a non-negotiable, fixed tool in Trump’s economic playbook or if they represent an opportunity for dealmaking with other nations.

Trump was asked about the mixed messaging during his Oval Office meeting with Israeli Prime Minister Benjamin Netanyahu.

“Well, it could be -- it can both be true," Trump responded. "There can be permanent tariffs and there can also be negotiations because there are things that we need beyond tariffs."

"So we're going to get fair deals and good deals with every country," he added. "And if we don't, we're going to have nothing to do with them. They're not going to be allowed to participate in the United States."

ABC News Chief White House Correspondent Mary Bruce asked Trump on Monday: "Would you be open to a pause in tariffs to allow for negotiation?"

"Well, we're not looking at that," he responded. "We have many, many, countries that are coming to negotiate deals with us, and they're going to be fair deals. And and in certain cases, they're going to be be paying substantial tariffs. There will be fair deals."