The president said he planned to impose tariffs on countries that tax U.S. products. He also paused an action against China, allowing its low-cost products to again enter the U.S. tariff free.

Ending tariff exemptions on low-cost packages from China has broad bipartisan support in Washington, and Trump pulled the plug when he raised tariffs on Chinese goods by 10% earlier this week. Goods sent through duty-free packages became subject not only to existing tariffs — 25% for many Chinese products — but also the new 10%.

Trump said he'd announce a plan next week to impose "reciprocal" tariffs on countries instead of a "flat fee."