What's next for Trump's tariffs? Where the trade war goes from here.

WASHINGTON − President Donald Trump said Thursday he would revive the reciprocal tariffs that he paused for 90 days if countries do not agree to satisfactory trade deals.

Trump made the warning as his administration accelerates negotiations with other nations after he paused massive reciprocal tariffs Wednesday but left in place a 10% universal tariff rate for all imports.

"If we can't make the deal that we want to make or we have to make, or that's good for both parties," Trump told reporters during a Cabinet meeting at the White House, "then we'd go back to where we were."

The exception from Trump's pause was China, which he hit with a 125% reciprocal tariff, raising the total tariff rate on China to 145% when combined with previously imposed tariffs.

Trump suggested the 10% baseline tariff could be reduced for certain countries through negotiations.

"It depends on what they're adding," Trump said. "Some countries we have massive deficits with or they have big surpluses with us. And others, not that way. So it depends. They're all different. Every country is different."

Trump touts negotiations, but deals still not reached

Trump's openness on that question continues what has been a whiplash approach to imposing levies on imports that has rattled global markets. Trump cited the market turbulence Wednesday for his pause, saying people had become "a little bit yippy, a little bit afraid."

Trump also left open the possibility he could decide to extend the pause beyond 90 days. "We’ll have to see what happens," he said Thursday.

Trump's top economic aides have initiated negotiations with about 75 countries to discuss tariffs and other trade policies. White House officials have cited progress with Japan, South Korea and Vietnam, but no agreements have been reached.

"I'm not sure we could ever have enough time in the day to talk to all these countries,” Commerce Secretary Howard Lutnick told Trump at the Cabinet meeting, describing the response as "incredible." He added some countries are presenting proposals “they never, ever, ever would have come with, but for the moves that the president has made.”

Trump has argued the steep tariffs are needed to cut trade deficits with other countries, particularly China, and rejuvenate the U.S.'s manufacturing base.

Even with Trump's pause on reciprocal tariffs, his administration has still imposed substantial import taxes that economists warn could spike consumer prices and lead to an economic downturn. Mark Zandi, chief economist at Moody's Analytics, put the odds of a recession at about 60% following Trump's move.

The president's retreat on reciprocal tariffs sets up a showdown with China, the third largest U.S. trading partner. Trump raised the tariffs on imports from China after Beijing hit the U.S. with 84% retaliatory tariffs.

“We'll see what happens with China,” Trump said. “We would love to be able to work a deal. They've really taken advantage of our country for a long period of time. They've ripped us off beyond anybody.”

Trump did not say when asked whether Chinese President Xi Jinping has reached out to discuss trade policy.

“I don't want to say who's reached out. I’ll just say that I think it's going to work out, hopefully,” Trump said, though he added: “It's hard to get over, if you're me, what they've done to our country. They've destroyed our economic base to a large extent.”

Trump's industry-specific 25% tariffs on steel, aluminum and auto imports remain in effect. Trump has also vowed to place a "a major tariff" on pharmaceuticals. In addition, previously imposed 25% tariffs on certain goods from Mexico and Canada are still in place.

The stock market plunged again Thursday, one day after stocks soared following Trump's announcement of the pause. It was a dramatic reversal after Trump hours earlier had told Americans to "BE COOL!" amid the market uncertainty.

Treasury Secretary Scott Bessent downplayed the market drop, telling reporters, “Up two, down one is not a bad ratio, or up 10, down five."

Bessent said that as the administration continues to negotiate with countries the U.S. will “end up in quite great certainty over the next 90 days on tariffs.”

Trump said he had not looked at the stock market Thursday because he was tied up in his Cabinet meeting ‒ one day after he boasted about the huge market rally.

"There'll be a transition cost and transition problems," Trump said of his agressive tariff regime, "but in the end, it's going to be a beautiful thing."

Reach Joey Garrison on X @joeygarrison.