President Donald Trump’s shift in policy to reciprocal tariffs is a relief to markets, U.S. consumers and most trading partners.

Here’s what you need to know about reciprocal tariffs and who might be impacted by Trump’s plan. Reciprocal tariffs refer to tariffs—the taxes charged on imported goods—the U.S. government plans to levy against global trading partners that are equal to the existing tariffs foreign countries have set against American goods.

President Donald Trump could announce his reciprocal tariff plan before he meets with Indian Prime Minister Narendra Modi on Thursday, the White House said.

WASHINGTON—President Trump on Thursday is expected to outline reciprocal tariffs on nations that have imposed levies on U.S. exports, the White House said, using executive action to bring to life a far-reaching proposal from his first term that never came to fruition.

On February 13th Donald Trump announced he had decided, for what he later called “purposes of fairness”, to employ reciprocal tariffs. When the levies will go into effect, and how they will apply, is uncertain.

Among the now-regular Trump tariff announcements is his plan for eventual “reciprocal tariffs”—a concept championed by the president and his loyal trade adviser Peter Navarro that would, if enacted, set U.

In terms of international trade, since the 1980s, Donald Trump has perceived the United States as a victim of economic globalization, according to Dr. Rafał Szymanowski from Adam Mickiewicz University in Poznan.