Trump admin live updates: Trump says Hamas will release hostage Edan Alexander

The president issued a proclamation that May 8, 2025, is a "day in celebration of Victory Day for World War II," which commemorates the 80th anniversary of Germany's surrender during World War II.

"On this Victory Day for World War II, we celebrate the unmatched might, strength, and power of the American Armed Forces, and we commit to protecting our sacred birthright of liberty against all threats, foreign and domestic," he said.

Trump added that he is "steadfastly devoted to stopping the endless foreign wars," and thanked the service members for their sacrifice.

"The millions of souls senselessly lost serve as a reminder of why we must pursue peace through strength," he said.

Democratic Rep. Stephen Lynch grilled Bessent over his participation in the Signal group chat that discussed military plans in Yemen.

Bessent said he did not discuss any sensitive material and preserves his records, however, the congressman criticized the Treasury secretary for being in the unsecured chat in the first place.

"You could have intervened. You could have brought it up," Lynch said.

"This buffoonery needs to stop," he added.

New York Democrat Rep. Gregory Meeks questioned Bessent on the Trump administration's claims that the trade deficit is an "emergency" and thus needed to institute tariffs.

Meeks noted that the country has had a trade deficit for the last four decades, but Republican and Democratic presidents didn't determine it to be an emergency.

"It says to me that we need to bring tariffs back to the United States Congress so that we can make that determination as the Constitution has said," the congressman said.

New York Democrat Rep. Nydia Velázquez questioned Bessent on the tariffs and asked for more details on the negotiations.

The Treasury secretary repeatedly refused.

"I'm sorry, congresswoman, that would not benefit the United States," Bessent said, citing the ongoing negotiations.

When pressed about a timeline, Bessent said that "they will be agreements in principle and then we will paper them over in the coming months."

"Once we reach an agreement, I am sure the other countries will live up to them," he said.

The Treasury secretary added that Trump has final say over all of the deals, which concerned Velázquez.

"You could strike the best deal with Canada, Mexico or even China that is completely in our favor… and if President Trump decides for whatever reason not to take the deal, that would be it," she said.