To hear Trump tell it, Thursday’s new tariffs announcement was a significant and sweeping order that will bring the world to heel. But the plan, as it were, consisted of a vaguely worded memo that offered few concrete details and no real timeframe for the next round of tariffs.

Trump spoke to reporters from the Oval Office about his decision, saying it was an “amazing day.” When asked if prices would rise as a result of the tariffs, he said that they “could go up somewhat” at first, but then “prices will also go down.”

The president said his advisers would devise new tariff levels reflecting countries’ tariffs, taxes, subsidies and other policies affecting trade with the United States.