The New York Times' Lauren Hirsch discusses how markets are reacting to Trump's tariffs and Trump's defense of the tariffs.

"You don't know whether or not China's going to eat it," Trump said of the potential for tariffs on Chinese goods to increase consumer prices.

Senate Republicans have narrowly voted down a Democratic resolution that would have blocked global tariffs announced by Donald Trump earlier this month, giving the president a modest win Wednesday as lawmakers in both parties have remained skeptical of his trade agenda.

President Donald Trump narrowly avoided a rebuke from the U.S. Senate on his tariffs due to one Democratic senator's absence. The resolution, defeated with a 49-49 tie on April 30, reflects discontent with Trump's 10% across-the-board tariffs and now-paused "retaliatory" tariffs that rattled Wall Street and contributed to a shrinking GDP as four Republicans joined with all present Democrats in supporting it.