Trump spoke to reporters from the Oval Office about his decision, saying it was an “amazing day.” When asked if prices would rise as a result of the tariffs, he said that they “could go up somewhat” at first, but then “prices will also go down.”

Trump's reciprocal tariffs would match the higher duty rates charged by other countries. They would also aim to counteract trade barriers such as burdensome regulations, value-added taxes, government subsidies and exchange rate policies that can erect barriers to the flow of U.