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 is likely to dust off a 1930 trade law largely forgotten for decades to back his new reciprocal U.S. tariffs that will match other countries' higher import taxes, trade and legal experts say.