Days after imposing large tariffs on virtually every U.S. trade partner – and an island chain inhabited chiefly by penguins – Trump paused most of the duties in response to a stock market collapse and turmoil in the bond market that presaged long-term economic pain at home.

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.