It's "Liberation Day" all over again.

President Donald Trump said he will not extend the 90-day pause on reciprocal tariffs, putting additional pressure on America's trade partners to negotiate before the July 9 deadline.

"Dear Mr. Japan"

The administration has touted tentative deals with about a dozen countries, including an agreement with China to export rare earth minerals to the United States.

“I think getting along well with China is a very good thing,” Trump told Fox News' Sunday Morning Futures. “China’s going to be paying a lot of tariffs, but we have a big (trade) deficit, they understand that.”

Ahead of the July 9 deadline, Trump implied that at least some countries will receive new tariff rates set by the administration. Trump said he would send out letters "soon" explaining the new status quo.

“We’ll look at how a country treats us — are they good, are they not so good — some countries we don’t care, we’ll just send a high number out,” he said.

Noting "there’s 200 countries, you can’t talk to all of them,” Trump provided a colorful example of what a letter might read like to Japan.

"Dear Mr. Japan, here's the story. You're going to pay a 25% tariff on your cars," Trump said.

April rates on the table

The administration has kept the threat of tariffs alive, with Treasury Secretary Scott Bessent warning that the high April 2 rates could return for countries that aren't cooperating with the White House. Bessent said he expects a "flurry" of deals to materialize before July 9 as the renewed tariff pressure kicks in.

"We have countries that are negotiating in good faith, but they should be aware that if we can't get across the line because they are being recalcitrant, then we could spring back to the April 2 levels. I hope that won't have to happen," Bessent told Bloomberg Television.

Bessent had previously said that the administration would consider extending the deadline and pointed to Labor Day as a realistic target to have many deals done, but it's up to Trump to push the window back.

Trump has long supported using tariffs to balance America's massive trade deficit and revitalize manufacturing, but his "Liberation Day" tariffs were on a historic scale that delivered a seismic shock to global markets.

The tariffs initially led to chaos and panic on Wall Street and widespread predictions of economic collapse. But the stock market began to recover after Trump paused the higher reciprocal tariffs on April 9 - Trump kept baseline tariffs of 10% on all global trade - and by late June stocks had recovered and even hit all-time highs.

Despite predictions of a tariff-induced inflationary disaster, prices have remained stable - at least for now.