President Donald Trump on Friday reinstated a tariff loophole for small-value packages from China that was eliminated as part of the sweeping tariffs Chinese imports that went into effect after midnight on Tuesday, and said he would announce a new slate of “reciprocal tariffs” next week.

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.

President Donald Trump in his inaugural speech credited President William McKinley for making the United States "very rich" through tariffs.