President Donald Trump spoke to reporters during his Cabinet meeting, saying that factories are closing “all over China.”

It comes after a new report shows the US economy shrank 0.3% in first three months of the year as firms stockpiled imports ahead of Trump tariffs Later today, Trump will host CEOs from major companies including Nvidia and GE Aerospace for an investment event As the president's cabinet members showered praise on their boss for his accomplishments in the first 100 days,

A slower phase-in for tariffs on auto parts will give manufacturers time to ramp up manufacturing in the U.S. Some warn they will still drive up car prices.

The White House adjusted how tariffs on automotive parts are calculated, giving carmakers time to move complex global supply chains to the U.S.