President Donald Trump is expected to announce a new round of sweeping reciprocal tariffs on Thursday, matching higher rates other nations charge to import American goods.

President Donald Trump said in a social media post he will announce reciprocal tariffs Thursday afternoon. In the social media post Trump said Thursday the tariffs will be announced at a 1 p.m. Thursday news conference.

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.