President Donald Trump signed an memorandum on Thursday instructing his administration to pursue reciprocal tariffs against nations that put fees on U.S. exports, escalating a trade war that could lead to higher costs for Americans.
Trump did not immediately put tariffs in place. He directed trade officials to go country by country and put together a slate of tailored counter measures.
The tariffs are expected to be equivalent to the fees that individual countries put on products that are imported from the U.S., including tariffs and taxes, and take into account regulatory requirements and subsidies affecting U.S. businesses and consumers.
"Whatever they charge us, we're charging them," Trump said Thursday. "It's a beautiful simple system."
On Friday, Americans across the country are participating in an economic boycott for 24 hours.
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