Where Things Stand For Trump In Global Tariff Battle

In the aftermath of this week's tariff whiplash, President Donald Trump is deciding exactly what he wants out of trade talks with as many as 75 nations in the coming weeks.

Trump is also figuring out next steps with China. He upped his tariffs on Chinese goods to 145 after China placed retaliatory taxes of 84 on imports from the U.S. While his 90-day pause on other tariffs caused the stock market to rally on Wednesday, countries still face a baseline 10 import tax instead of the higher rates announced on April 2.

"There will be a transition cost and transition problems," Trump said at Wednesday's cabinet meeting. "But in the end it's going to be a beautiful thing."

Kevin Hassett, director of the White House National Economic Council, told Fox News' "Fox and Friends" on Wednesday that the administration already has "offers on the table from more than 15 countries."

Hassett said the next step will be determining exactly what Trump wants out of the negotiations.