President Donald Trump signed a memorandum Thursday laying the groundwork for implementing new tariffs on foreign countries with which the United States sees a negative trade balance. The White House had teased this specific tariff announcement for days,

Since the 1960s, tariffs — or import taxes — have emerged from negotiations between dozens of countries. Trump wants to seize the process. “Obviously, it disrupts the way that things have been done for a very long time,

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.”