President Donald Trump announced Thursday that the U.S. is implementing "reciprocal" tariffs against countries that tax or limit markets for American goods.
"On trade I have decided for purposes of fairness, that I will charge a reciprocal tariff – meaning whatever countries charge the United States of America, we will charge them no more, no less. In other words, they charge us a tax or tariff and we charge them the exact same tax or tariff. Very simple," Trump said at the White House.
President Donald Trump signs a series of executive orders in the Oval Office at the White House on Feb. 10. (Andrew Harnik/Getty Images / Getty Images)
"In almost all cases they are charging us vastly more than we charge them, but those days are over," Trump added.
A source familiar with the plans told FOX Business that Trump will sign a presidential memorandum ordering the U.S. Trade Representative to investigate and counter non-reciprocal trade across all trading partners. The representative will identify trade agreements where there are significant trade deficits that are unfair to the U.S.
Mentioned in the memo -- according to the source -- is that Brazil taxes U.S. ethanol at 18% while the U.S. taxes ethanol imported from Brazil at just 2.5%.
FOX Business' Hillary Vaughn contributed to this report.
This is a developing story. Please check back for updates.