Trump said tariffs will be the "greatest thing we've ever done as a country."
President Donald Trump is defending his decision to pause some tariffs to Canada and Mexico for another month -- a notable reversal after imposing historic levies on the key U.S. trading partners earlier this week, causing markets to tumble.
On Friday, Trump signed more executive orders at the White House before he convened a first-ever cryptocurrency summit with industry leaders.
Elon Musk will join Senate Republicans during their closed-door lunch at the Capitol Wednesday afternoon, a person familiar confirms.
This comes less than one week after a contingent of Senate Republicans huddled with Musk at the White House.
Musk is separately expected to speak with House Republicans at 7 p.m.
--ABC News' Allison Pecorin
Billionaire Elon Musk's political action committee, America PAC, has placed its first-ever $1 million nationwide TV ad, a source familiar with the matter told ABC News.
The 60-second ad will run in the Washington media market and across the country during the week after Trump's joint address to Congress, the source familiar with the buy told ABC News.
Notably, the ad begins by attacking former President Joe Biden, showing clips of him stumbling on the stairs while boarding Air Force One. A voice-over states, "After four long years of humiliation, of failure at home and embarrassment abroad. Our long national nightmare is finally over."
The ad then echoes some of what Trump highlighted in his joint address, claiming the president has "delivered the lowest level of illegal immigration in history." America PAC does not mention DOGE or Musk by name in the ad, but the ad appears to allude to their work, stating: "He's draining the swamp, slashing billions in waste at home, while closing the spigot of American tax dollars to foreign regimes."
Musk spent roughly $250 million on his pro-Trump super PAC, America PAC, in the lead-up to the 2024 presidential election. According to Federal Election Commission filings, Musk was the largest donor of the 2024 election cycle to either party.
-ABC News' Will Steakin
On Bloomberg TV, Commerce Secretary Howard Lutnick said that President Donald Trump is expected to announce changes to the tariffs on Canada and Mexico as early as Wednesday afternoon.
"There are going to be tariffs, let's be clear. But what he's thinking about is which sections of the market that can maybe, maybe he'll consider giving them relief until we get to, of course, April 2," Lutnick said in the interview.
April 2 is the day the Trump administration is set to announce their reciprocal tariffs.
Lutnick reinforced that the tariffs currently in place on Canada and Mexico are about trying to lessen the amount of fentanyl crossing the southern and northern border.
"The president is listening to the offers from Mexico and Canada. He's thinking about trying to do something in the middle, he's thinking about it. We're talking about it," Lutnick said. "We're going to -- when I leave here, I'm gonna go talk about it with him, and I think early this afternoon or this afternoon, we expect to make an announcement. And my my thinking is it's going to be somewhere in the middle."
-ABC News' Hannah Demissie
In her Wednesday morning briefing, Mexican President Claudia Sheinbaum continued to take a wait and see approach with retaliating for tariffs. She said she may speak with President Donald Trump on Thursday.
But Sheinbaum confirmed the Mexican government will strike back if the 25% tariffs implemented by the U.S. on Tuesday remain in place. She also said there would be no "submission" to the U.S. on tariffs and Mexico, "will be looking for calls with Canada and other countries."
-ABC News' William Gretsky
