Trump will explain tariffs on electronics on Monday

Commerce Secretary Howard Lutnick appeared on Fox News on Wednesday, where he provided the backstory on how President Donald Trump's administration decided to initiate a 90-day pause on tariffs.

"Two days ago, the president truthed out that he was willing to negotiate with all these different countries that were interested. And then yesterday, he said he would do it in a bespoke fashion, one by one, individually. And the calls were unbelievable," Lutnick said.

Lutnick conveyed that he and Secretary Scott Bessent walked into the Oval Office on Wednesday and asked Trump how he’d like to handle the trade negotiations. Together, they agreed that they would single out China. According to Lutnick, the president issued his social media post with Lutnick and Bessent standing beside him.

When pressed on when deals might come to fruition, Lutnick said the deals will take some time; however, he said he immediately got to work making calls after the president’s announcement.

“Well, I think the real deals will take some time... but we're going to start meeting with countries. I started calling them right after we walked out of the Oval Office today, started calling countries, talking to them and telling them, okay, this is the time,” he said.

-ABC News' Kelsey Walsh

When pressed on when he decided to move forward with his change on tariffs, given he himself had said one was not being considered, Trump said the discussions had taken place over a "period of time" but ultimately pulled the trigger this morning.

"I think it probably came together early this morning, fairly early this morning. Just wrote it up. I didn't we didn't have the use of, we didn't have access to lawyers, or it was just brought up. We wrote it up from our hearts right," Trump claimed.

"So, but this was something certainly we've been talking about for a period of time, and we decided to pull the trigger, and we did it today, and we're happy about it," Trump added.

Sen. Adam Schiff, D-Calif., called for Congress to launch an investigation into who may have known about Trump's tariff moves in advance and perhaps benefitted from the drastic market shifts.

"I think Congress should do an investigation into this, but we're going to demand answers from the administration," he said. "They're likely to stonewall, particularly if they've been engaged in corrupt insider trading, but they won't be able to hide it for good. I mean, we know who's in the administration."

Schiff said he’d be writing to the White House to "demand who knew in advance that the president was going to once again, flip flop on tariffs."

“And are people cashing in? There is just all too much opportunity for people in the White House and the administration to be insider trading, and you can't put it past them for a minute. So we're going to try to find out,” Schiff said.

-ABC News' Isabella Murray

Trump said he’s still serious about putting tariffs on pharmaceuticals produced in other countries.

"You know, we realized during the COVID that we don't make our drugs and our pharmaceuticals in this country. So I realized that, and it was a big realization," the president claimed.

"We don't make it, and that's because we let them leave. And now, if they want to come back, we're going to put tariffs on the pharmaceutical companies, and they're going to all want to come back," he added.