President Donald Trump signed a memo Thursday directing his administration to start determining what level of reciprocal tariffs the U.S. will impose on foreign imports—after long promising to announce the new round of tariffs—but the new taxes will not take effect yet.

President Trump has announced that he would implement tariffs of 25 percent on all steel and aluminum imports to the U.S.

US stocks moved higher on Thursday after President Donald Trump said he plans to introduce reciprocal tariffs but delayed their implementation, while investors digested another report that suggested inflation is once again heating up.