As the United States continues to negotiate trade deals amid President Donald Trump's tariff pause, a key deadline looms over the global economy—one that could impact prices on imported goods and effect U.S. consumers.On April 9, Trump announced a 90-day pause on a wide range of proposed new tariffs, which he dubbed "reciprocal tariffs."While the move was framed as an opportunity for U.S. trade partners to negotiate new terms, Trump on Wednesday said the duties may be reimposed sooner, possibly within two or three weeks, if deals are not reached.According to Trump representatives, more than 90 countries have expressed interest in negotiating deals.Deadline For Donald Trump's Latest TariffsThe 90-day suspension on new tariffs appears set to expire on July 8.Trump's team has emphasized that the pause is conditional, designed to encourage negotiations with major trading partners. Treasury Secretary Scott Bessent said the U.S. is focused on negotiating trade with big partners first."We've got a process in place," Bessent said on April 17. "We're working on the 'big 15' economies first."Bessent was likely referring to the world's 15 largest economies, by gross domestic product (GDP), which are (following the U.S. at No. 1): China, Germany, Japan, India, the United Kingdom, France, Italy, Brazil, Canada, Russia, Mexico, Australia, South Korea and Spain.Trump addressed the 90-day tariff suspension this week. During a press conference on Wednesday at the White House, he said that if the U.S. does not "have a deal" with a company or country, "we're going to set the tariff."What Tariffs Are Currently In Effect?China hiked its retaliatory tariffs on U.S. goods to 125 percent after Trump introduced tariffs of 145 percent on imports from China to the U.S. The Trump administration later issued a temporary exemption for a wide range of electronics, including smartphones and laptops.For most other countries, new tariffs are on pause. But the 10 percent minimum tariff remains in effect, as does a 25 percent tariff on imported steel, aluminum and automobiles.How Do Tariffs Work?Tariffs are essentially taxes imposed on imported goods. When a tariff is levied, the price of the imported product usually increases—either absorbed by the importer, shared with exporters or passed along to consumers.Reciprocal Tariffs ExplainedTrump's "reciprocal tariff" policy refers to levying duties on foreign goods at the same rate that other countries impose on U.S. exports.However, the formula applied by his administration does not rely on matching tariffs. It instead equalizes U.S. tariff rates with those imposed on the U.S.What Happens NextTrump's advisers have not ruled out reimposing tariffs before the July deadline, particularly on countries that haven't yet offered concessions.