If no retention policy is applied to the mailbox, no retention tags will be applied to mailbox items. The Deleted item retention you mentioned is not related to retention policy. Also, there are some other actions for soft-deleted items.
When mailbox items are soft-deleted, they are moved to the Deletions subfolder of the Recoverable Items folder. They remain there until the deleted item retention period is reached. The default deleted item retention period for Exchange Online is 14 days. The RetainDeletedItemsFor parameter specifies the length of time to keep soft-deleted items for the mailbox.
For more details, please check:
Deleted item retention,
Set-Mailbox - RetainDeletedItemsFor
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