President Trump told Axios on Monday that he decided to pause U.S. strikes on Iran in order to give negotiations another chance, but stressed that he could order a return to expanded military operations if diplomacy fails. Why it matters: The current negotiations are focused on a new deal that would reopen the Strait of Hormuz and relaunch talks on a comprehensive nuclear deal.The talks are being conducted mainly between Iran and Oman. But Qatar, Pakistan, Egypt and Trump's envoys, Steve Witkoff and Jared Kushner, are actively involved. What he's saying: "We are in very deep talks with Iran. If they don't work out, we will go back to very strong military action," Trump said in the interview. Asked how long he's willing to give diplomacy, the president said: "Not much time. Either it goes fast or not at all."Behind the scenes: Trump said he decided to pause strikes on Friday because the countries that are mediating asked him to give negotiations another chance. "All of the people that deal with Iran asked me: 'Don't fire,'" Trump said, stressing that he thinks Iran wants to make a deal.Between the lines: "Nothing gained, nothing lost," Trump said when he explained why he agreed to the mediators' request. He noted that oil prices dropped and the stock market went up after he paused the attacks. What to watch: Trump will meet Tuesday at the White House with Israeli Prime Minister Benjamin Netanyahu. "I am going to talk to Bibi about the fact that if I weren't president, Iran would have had nuclear weapons by now and Israel would have been destroyed," Trump said.