President Donald Trump signed a memo Thursday directing his administration to start determining what level of reciprocal tariffs the U.S. will impose on foreign imports—after long promising to announce the new round of tariffs—but the new taxes will not take effect yet.

The president said his advisers would devise new tariff levels reflecting countries’ tariffs, taxes, subsidies and other policies affecting trade with the United States.

In other words, they charge us a tax or tariff, and we charge them the exact same tax,” the president said Thursday.