Trump 2nd term live updates: Dan Bongino named as deputy FBI director

During remarks at the Republican Governors Association, President Donald Trump touted his plan to implement reciprocal tariffs on United States trading partners, suggesting that they could be so successful he could do away with income tax.

"You could wipe out your income tax. You could maybe not even have an income tax system when this thing works out,” Trump said of the plan for reciprocal tariffs, which have not yet been implemented.

While the president spent a lot of time talking about the money his administration is saving Americans by targeting federal spending, he didn’t spend a lot of time addressing inflation in his remarks.

Trump railed against former President Joe Biden for the current state of inflation, and he focused on 'energy dominance' as part of his plan to help get prices in check.

"If we can bring energy down, everything's coming down," he said. "You know that the eggs are coming down and the bacon's coming down -- everything is coming down. And that's the biggest thing, the energy."

On the 2024 campaign trail, Trump promised to bring down prices and reduce inflation.

Consumer prices overall rose 3% in January. The average price of a dozen eggs reached a record high in January, according to the monthly consumer price index.

-ABC News' Molly Nagle

President Donald Trump addressed the Republican Governors Association meeting in Washington, D.C., touting the work his administration has done in its first month in office.

In front of the friendly crowd, Trump suggested his frenetic pace so far could set his party up for success in the midterms.

"I think we're going to do fantastically. I think the midterms are going to be … a big surprise,” Trump said, adding, "I think so far, we're very popular."

He praised the work of Elon Musk and the Department of Government Efficiency, claiming they “could find as much as $1.5 trillion worth of waste, abuse" in their efforts to slash federal spending.

“He attracts very young people with high IQs … They're extraordinary with computers," Trump said. "He said, they make love to their computer. I said, I don't want to hear about that."

Without providing specifics, he rattled off a list of examples of U.S. aid he said has been eliminated.

“$47 million for improving learning outcomes in Asia. What the hell do I care about that?" he said. "We got … enough problems, and all of this is terminated."

-ABC News' Molly Nagle

Elon Musk's private security detail has been deputized by the U.S. Marshals Service, sources confirmed to ABC News.

The deputization gives his private security team certain authorities that they otherwise wouldn't have -- mainly, the ability to carry weapons on federal property, but the exact authorities granted to Musk's team are unclear.

Several people close to Musk have relayed concerns about his safety and certain threats he's received, according to sources.

The move to deputize private law enforcement is usual. Often other law enforcement agencies are deputized to carry out protective details that the Marshals don't have the ability to.

-ABC News' Luke Barr

President Donald Trump announced his endorsement of Rep. Byron Donalds for governor of Florida -- despite the fact that the congressman has yet to announce his run.

"I am hearing that Highly Respected Congressman Byron Donalds is considering running for Governor of Florida, a State that I love, and WON BIG in 2016, 2020, and 2024," Trump wrote on Truth Social on Thursday.

"Byron Donalds would be a truly Great and Powerful Governor for Florida and, should he decide to run, will have my Complete and Total Endorsement. RUN, BYRON, RUN!" Trump wrote.

Donalds was one of Trump's top surrogates in the 2024 campaign and helped with his outreach to Black voters. Trump considered Donalds as his running mate before picking JD Vance.

Donalds responded on X, writing, "I'm committed to working with him to Keep Florida Great. Announcement coming soon!"

-ABC News' Hannah Demissie