Trump 2nd term updates: Trump excludes low-value shipments from looming tariffs

In the Oval Office on Wednesday, President Donald Trump announced the suspension and review of security clearances for Covington and Burling employees who worked with special counsel Jack Smith to be suspended and put under review.

"One law firm that provided pro bono legal services to the special counsel's office under Jack Smith's leadership was Covington and Burling," Trump said. "As a result of those actions, we're now going to be suspending and putting under review the security clearances for the attorneys and employees at that firm who worked with Jack Smith's team."

The president added that he plans to hold "the people who were responsible for the weaponization of government, who supported it, accountable for what they did."

The directive from Trump follows a series of moves to retaliate against Smith and members of his team who aided his dual prosecutions for Trump's alleged mishandling of classified documents and efforts to overturn the 2020 election.

-ABC News' Alexander Mallin

The acting IRS commissioner announced his resignation internally on Tuesday, according to copies of the internal email obtained by ABC News, and a new acting commissioner has been announced by the Treasury Department.

Douglas O'Donnell's retirement, which takes effect Friday, comes in the middle of tax filing season and amid thousands of layoffs at the agency.

In his email, O'Donnell cited family reasons for his decision, writing that he considered it multiple times in the past.

"I assist in caring for my mother and mother-in-law, but they are both in declining health and I have been much less available than a son or son-in-law should be. My spouse and sisters have picked up the slack, and I need to do my part," he said in the email.

O'Donnell also gave a shoutout to those with whom he has worked and to the administrative staff in the offices.

"To all of you, I am grateful for your patience, support and courage in the face of adversity," he said.

O'Donnell added that he recommended to the Treasury Department that Melanie Krause be selected as the new acting director, and it agreed.

-ABC News' Olivia Rubin and Ben Siegel

When asked about Ukrainian President Volodymyr Zelenskyy's upcoming visit to Washington, D.C., on Friday, President Donald Trump floated a "very big deal" incoming.

"I hear that he's coming on Friday. Certainly it's OK with me if he'd like to. And he would like to sign it together with me. And I understand that's a big deal, a very big deal," Trump said.

"It's a very big deal. It could be $1 trillion deal," he continued. "It could be whatever. But it's rare earths and other things."

During a signing of executive orders, President Donald Trump was asked about the email requests sent out to federal employees and whether or not it's mandatory.

"Well, it's somewhat voluntary, but it's also if you don't answer, I guess you get fired," he said.

The president claimed without details that nobody knows who's working for the government and the email would be a way to square that out.

"If they're there and they're working, they're able to say they did five things during work, and that means they're working and they're with us, and they have no further obligation if they're not, it could be there's no such person. It could be that the person's no longer working," he said.

Trump did not elaborate if Elon Musk, who first announced the email and said people had a deadline of Monday night, communicated to him about this claiming "the buck stops here."

"If they don't write back they end up eventually losing their job. We give them extensions," Trump said without elaborating.