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 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.

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