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.

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

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.

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.

By making trade more reciprocal and balanced, we can reduce the trade deficit; grow the United States economy; and improve our trade relationships with trading partners to the benefit of American workers,