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 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.

Trump rolled out his plans to boost tariffs to match tax rates other countries charge on imports, adding to economic worries as inflation rises.