Feb. 13, 6:46 a.m. 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.m. EST and writing, “THREE GREAT WEEKS, PERHAPS THE BEST EVER, BUT TODAY IS THE BIG ONE: RECIPROCAL TARIFFS!!!”

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 said Thursday that he's announcing increases on U.S. tariffs to match the tax rates that other countries charge on imports. “TODAY IS THE BIG ONE: RECIPROCAL TARIFFS!!!” Trump posted on his social media site,