Trump 2nd term live updates: Trump defends tariffs, declines to comment on Ukraine aid

Trump convened his Cabinet members and Elon Musk for a meeting on Thursday, where the president told the head of agencies they are in charge of their departments.

"We had a great meeting," Trump said, adding it was about "cutting" the workforce.

"I said, I want the Cabinet members go first, keep all the people you want, everybody that you need," he said. "But I want them to do the best job they can where we have good people because that's precious, that's very important and we want them to keep the good people. And so, we're going to be watching them and Elon and the group, we're going to be watching them. And if they can cut, it's better. And if they don't cut, then Elon will do the cutting."

Despite pausing tariffs on a large number of goods from Canada and Mexico, President Donald Trump said he is still sticking with his plan to issue tariffs on foreign steel and aluminum products starting next week.

"We're not looking at that," he said when he was asked about a pause on tariffs.

After President Donald Trump signed an executive order that paused the tariffs on Canada and Mexico, the president claimed in the Oval Office that his decision did not have to do with the current stock market.

The president said he is not looking at the market and blamed "globalist companies" for the slump.

"The countries and companies that have been ripping us aren't particularly happy with what I'm doing," he said.

President Donald Trump convened a meeting Thursday morning to tell his Cabinet heads that they are in charge of the agencies and departments they oversee, not Elon Musk, multiple sources familiar with the matter told ABC News.

Musk was in the room for the meeting when Trump told top officials that the billionaire's role is to make recommendations and not unilateral decisions -- whether it be about staffing decisions or policy matters, the sources said.

The meeting comes as Trump's Cabinet secretaries have privately expressed frustration about Musk and the mandates he has been giving that have caused mass confusion among the federal workforce.

-ABC News' Rachel Scott, Will Steakin and Katherine Faulders