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.”

President Donald Trump on Thursday moved to tear up decades-old low U.S. tariff rates, raising them to match those of other countries and counteract other barriers to American goods to try to shrink a U.

Trump has used the tariffs as a negotiating tool and a way to protect US industry, and has repeatedly railed against the country’s trade deficit. The order to draw up a reciprocal tariff plan comes alongside other measures, which often do not take a reciprocal approach.