President Donald Trump signed a memo Thursday directing his administration to start determining what level of reciprocal tariffs the U.S. will impose on foreign imports—after long promising to announce the new round of tariffs—but the new taxes will not take effect yet.

Reciprocal tariffs refer to tariffs—the taxes charged on imported goods—the U.S. government plans to levy against global trading partners that are equal to the existing tariffs foreign countries have set against American goods. “Very simply, it’s if they charge us, we charge them,” the President said on Sunday during a flight on Air Force One.

President Donald Trump signed a memorandum Thursday calling for "fair and reciprocal" trade tariffs on all major U.S. trading partners, including longtime allies.

WASHINGTON (AP) — President Donald Trump on Thursday rolled out his plan to increase U.S. tariffs to match the tax rates that other countries charge on imports, possibly triggering a broader economic confrontation with allies and rivals alike as he hopes to eliminate any trade imbalances.

The President says he’ll sign an order that increases U.S. tariffs to the rates other countries charge on imports.

The president tasked top Cabinet officials to study the matter further before deciding on specifics, a process the White House said could take weeks or months.

Trump calls it unfair that some countries apply higher tariffs to specific American goods than the U.S. applies back. A new executive order seeks to change that.

EST Trump said on Truth Social his announcement on reciprocal tariffs —the U.S. imposing the same taxes on other countries’ imports as they impose on U.S. goods—is imminent, announcing a press conference at 1 p.