I’ve decided for purposes of fairness that I will charge a reciprocal tariff,” Trump said in the Oval Office at the proclamation signing. “It’s fair to all. No other country can complain.”

President Donald J. Trump has unveiled a sweeping new trade initiative aimed at leveling the playing field for American businesses and workers. The “Fair and Reciprocal Plan,” announced on February 13, directs federal agencies to develop a comprehensive strategy to address longstanding trade imbalances and counter non-reciprocal trading practices.

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.