Donald Trump reveals what will happen if countries don’t ‘make a deal for both parties’ on tariffs during 90-day pause

Donald Trump has revealed what will happen if countries don't strike a deal with the US amid a 90-day pause on tariffs.

The US President's 'Liberation Day' tariffs on 2 April have now turned into a 10 percent baseline on most imports and a whopping 145 percent on Chinese goods.

After facing backlash, Trump, 78, announced a 90-day pause on tariffs for most countries, apart from China, who upped their tariffs for American exports to 125 percent, promising to 'fight until the end.'

On Friday (11 April), however, the US Customs and Border Protection shared a long list of tech products that would be exempt from tariffs. This included smartphones, laptops and TVs.

Tech companies like Apple rely on China for manufacturing a reported 80 per cent of its products and 90 per cent of their iPhones.

As Trump focuses on reaching '90 deals in 90 days', he was asked during a press conference if he would 'put the higher tariffs in place or extend the pause.'

"Well, that's what would happen," he said.

"I mean, if we can't make the deal that we want to make or we have to make or that's good for both parties - and it's got to be good for both parties - then we go back to where we were.

Donald Trump placed a 90-day pause on most of the tariffs for nearly every country, not including China (Robert Perry/Getty Images)

"We'll have to see what happens at that time."

He noted that tariffs may return if other countries don't agree to new trade deals with the US.

Countries like China, who aren't negotiating 'fairly', are at risk of being tariffed more, he said.

This comes after a senior government source told The Times that a potential agreement between the UK and America is likely to be reached in the coming days.

Also businesses who have been hit hard by the tariffs are set to receive support by the government, who has announced a new export finance package.

Trump has revealed what will happen if countries don't strike a deal with the US (Andrew Harnik/Getty Images)

Chancellor Rachel Reeves said she will expand UK Export Finance (UKEF)’s support for firms by £20 billion.

£10 billion of that amount will be used for companies 'impacted in the short term by the current situation'.

"The world is changing, which is why it is more important than ever to back our world-leading businesses and support them to navigate the challenges ahead," Reeves said.

"Today’s announcement will do that just, with thousands of businesses right across the country set to benefit.

"We are going further and faster to boost growth, but we cannot do it alone. Only by working with businesses will we achieve our Plan for Change and put more money into people’s pockets."